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​You wish to buy a car worth $27,500. The terms of the loan call for a weekly payment for 6 years at 7.5 percent rate of interest.

You wish to buy a car worth $27,500. The terms of the loan call for a weekly payment for 6 years at 7.5 percent rate of interest. If you decide to go ahead in purchasing this car what will be the amount of each payment?




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Expert Solution

Dear Student
Please see the below calculation
Amount of car loan = 27500
Int Rate P. A = 7.50%
No of years] = 6
No of payment in a year = 52 Weeks
Weekly Payment Will be =      109.52

jeff jeffy answered 3 years ago
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