You decided to buy a new car and the dealer's best price is $49,900. The dealer agrees to provide financing with a four-year loan at 4. 3/4 percent. Payments are made monthly. What are your monthly payments? What is your total interest paid in 4 years? How much of the third payment is interest? Complete amortization table of your loan for the first three months.

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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B 3.
You decided to buy a new car and the dealer's best price is $49,900. The dealer agrees to provide financing with
a four-year loan at 4. 3/4 percent. Payments are made monthly.
What are your monthly payments? What is your total interest paid in 4 years? How much of the third payment
is interest? Complete amortization table of your loan for the first three months.
Transcribed Image Text:You decided to buy a new car and the dealer's best price is $49,900. The dealer agrees to provide financing with a four-year loan at 4. 3/4 percent. Payments are made monthly. What are your monthly payments? What is your total interest paid in 4 years? How much of the third payment is interest? Complete amortization table of your loan for the first three months.
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