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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

 May 1, 2019
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$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.

 May 1, 2019

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