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16 Jun 2022
Kira plans to buy a used van that costs $14,000. The dealer requires a 20% down payment. The rest of the cost is financed with a 4 -year, fixed-rate amortized auto loan at 3.5% annual interest with monthly payments.
Complete the parts below. Do not round any intermediate computations. Round your final answers to the nearest cent if necessary. If necessary, refer to the list of financial formulas.
(a) Find the required down payment.
$ ___
(b) Find the amount of the auto loan.
$ ___
(c) Find the monthly payment.
$ ___
Kira plans to buy a used van that costs $14,000. The dealer requires a 20% down payment. The rest of the cost is financed with a 4 -year, fixed-rate amortized auto loan at 3.5% annual interest with monthly payments.
Complete the parts below. Do not round any intermediate computations. Round your final answers to the nearest cent if necessary. If necessary, refer to the list of financial formulas.
(a) Find the required down payment.
$ ___
(b) Find the amount of the auto loan.
$ ___
(c) Find the monthly payment.
$ ___
Read by 3 people
17 Jun 2022
Read by 3 people
learn4lifeLv10
17 Jun 2022
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