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In: Finance

Two  years  ago  you  purchased  a  new  SUV.  You  financed  your  SUV  for  60  months  (with payments

Two  years  ago  you  purchased  a  new  SUV.  You  financed  your  SUV  for  60  months  (with

payments  made  at  the  end  of  the  month)  with  a  loan  at  5.9%  APR.  Your  monthly  payments  aare $617.16  and  you  have  just  made  your  24th  monthly  payment  on  your  SUV.

Required:  Assuming  that  you  have  made  all  of  the  first  24  payments  on  time,  how  much
interest have  you  paid  over  the  first  two  years  of  your  loan?  

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Expert Solution

jeff jeffy answered 3 years ago
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