8. A $40,000 car is financed with $5,000 down and a loan at 3.5% interest compounded monthly for5 years.Find the monthly paymenta)ANSANSANSb) Find the total amount paid in 5 years.c) Find the total amount of interest paid in 5 years.d) Find the remaining balance after 2 years.ANSANSe) Find the interest paid after 2 years.

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8. A $40,000 car is financed with $5,000 down and a loan at 3.5% interest compounded monthly for 5 years. Find the monthly payment ANS b) Find the total amount paid in 5 years. ANS c) Find the total amount of interest paid in 5 years. ANS d) Find the remaining balance after 2 years. ANS e) Find the interest paid after 2 years. ANS

8. A $40,000 car is financed with $5,000 down and a loan at 3.5% interest compounded monthly for 5 years. Find the monthly payment ANS b) Find the total amount paid in 5 years. ANS c) Find the total amount of interest paid in 5 years. ANS d) Find the remaining balance after 2 years. ANS e) Find the interest paid after 2 years. ANS

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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