Question

To purchase a new car, you borrow $29,000 for 11 years at the rate of interest...

To purchase a new car, you borrow $29,000 for 11 years at the rate of interest of 9.1% APR compounded monthly, and you make monthly car payments. How much interest do you pay on the 6th payment?"

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Answer #1
EMI CALCULATOR
LOAN AMOUNT 29000
RATE OF INTEREST PER ANNUM 0.091
RATE OF INTEREST PER MONTH 0.007583333
NO OF INSTALLMENT 132
62
EMI 348.466875
CALCULATION OF DETAILS OF EMI
MONTHS EMI INTEREST PRINCIPAL REPAYMENT OST PRINCIPAL
0 29000
1 348.466875 219.9166667 128.5502083 28871.44979
2 348.466875 218.9418276 129.5250474 28741.92474
3 348.466875 217.959596 130.507279 28611.41747
4 348.466875 216.9699158 131.4969592 28479.92051
5 348.466875 215.9727305 132.4941444 28347.42636
6 348.466875 214.9679832 133.4988917 28213.92747

Hence Answer is  214.97

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