Suppose that you decide to buy a car for $29 comma 635, including taxes and license fees. You saved $ 8000 for a down payment and can get a four-year car loan at 7.12%. Find the monthly payment and the total interest for the loan
$29,635 - $8,000 =$21,635 -The loan amount. N=4*12; R=0.0712/12;PV=21635; PMT=PV*R*((1 + R)^N) / ((1 + R)^(N) - 1) LOAN PMT =$ 519.28 $519.28 x 48 months[4 years] - $21,635 =$3,290.44 - Total interest on the loan.
+5 
