You bought a Nash Metropolitan for $130,000 (tax included) and you borrowed the full amount from...
You bought a Nash Metropolitan for $130,000 (tax included) and you borrowed the full amount from Nash Financing. The loan is structured as an amortized loan to be repaid over 4 years with 12 (end-of-period) payments per year. The annual interest rate is 7.7% APR. The monthly payments are $3,155.41. How much interest do you pay over the life of the loan?
PLEASE ANSWER WITH DETAIL. THANKS IN ADVANCE!
Homework Answers
loan amount=130000
total payout=monthly payment*number of months
=3155.41*48
=151459.68
How much interest do you pay over the life of the loan
=total payout-loan amount
=151459.68-130000
=21459.68
the above is answer..
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