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 1%: 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 =S c) How much total interest is paid over the life of the loan? HINT: Total Amount Paid (A) minus Principal (P). I=A-P: $

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 1%: 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 =S c) How much total interest is paid over the life of the loan? HINT: Total Amount Paid (A) minus Principal (P). I=A-P: $

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 9FPE

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