You are buying a car for $35,000. You will put $2,000 of your own money down...

You are buying a car for $35,000. You will put $2,000 of your own money down and get a loan for the rest of the purchase price. The bank offers you the following loan terms: APR 12% (Annual percentage rate), 6 year loan with annual payments.

Calculate the amount of the loan payment (PMT):

Create an amortization schedule paying off the loan.

Solutions

Expert Solution

Ans The amount of the loan payment (PMT) = $ 645.16

Amortization schedule paying off the loan is given below.

jeff jeffy answered 1 year ago

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