2 One-Variable Data Table: APR 5 Cost of Car 20,000 2,000 4 0096 Calculated Resu

Question

2 One-Variable Data Table: APR 5 Cost of Car 20,000 2,000 4 0096 Calculated Results for Each APR 6 Down Payment 7 Annual -B15 Percentage Rate (APR) 4.00% 4.25% 4.50% 4.75% 5.00% 2.a 2.b 2.c 2.d 2.e 8 No. Years for Loan Payments Per Year 12 Output Area Amount of Loan Periodic Rate No. Payment Periods Monthly Payment 1.a. 3. In total, how much more interest will you pay if the interest rate is 6% per year instead of 4% per year? Write the AMOUNT, not the formula, in the box below 1.b. 1.d Total to Repay Loan 1.f

Explanation / Answer

Solution- Cost of car = 20000 and down payment = 2000

So loan amount should be = 18000

now Periodic rate = monthly effective rate = 0.003274

Number of paymet periods = 12 *5 = 60

Monthly payment =PMT(.003274 , 60 , 18000)

= 330.92

Total to repay loan = 60 * 330.92

= 19855

SO total interest paid = 19855 - 18000

= 1855

Answers

TY!

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