Question

You have negotiated a price of $9,000 for a 2010 Mazda 6. The salesperson tells you that the current interest rate for used cars is 10%.

If you take a 5-year loan, what will your monthly payments be?

How much interest will you pay over the five years?

Answer 1

L = 9000

r = 10% = 0.1

c = 0.1/12

n = 5*12 = 60 payments

pmt = ?

............monthly payments

.

.

.

total amount paid is =

total amount paid is =

.

interest =

interest =