a) Adam wants to purchase a car and finance his purchase with a 3 year loan...

a) Adam wants to purchase a car and finance his purchase with a 3 year loan at 5% interest. If he wants his payments to be $475 per month, how much can he finance with this loan?

b) Bernard purchased a car and financed his purchase with a loan at 5% interest. His payments are $475 per month. If he has 3 years left on his loan, what is his remaining balance?

c) Carlton purchased a car and took out a loan for $33,607.12, at 5% interest for 6 years. If he has 3 years left on his loan, what is his remaining balance?

D) Emile bought a car for $27,000 three years ago. The loan had a 5 year term at 6% interest rate, and Emile has been making monthly payments for three years. How much does he still owe on the car?

(Hint: first you will need to figure out the monthly payment on the 5 year loan.)

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Expert Solution

jeff jeffy answered 1 year ago

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