You borrow $18,000 with a term of four years at an APR of 4% to buy a truck. (Round your answers to 2 decimal places.) a) What is your monthly payment?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
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Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
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You borrow $18,000 with a term of four years at an APR of 4% to buy a truck. (Round your answers to 2 decimal places.)
a) What is your monthly payment?
N: months
I %:
P.V: $
PMT: $
F.V: 0
P/Y: 12
C/Y: 12
b) How much is the total amount paid over the life of the loan? HINT: A = PMT x N months
A = $
c) How much total interest is paid over the life of the loan? HINT: Total Amount Paid (A) minus Principal (P).
I = A - P: $
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