Ask questions and get helpful answers.

You would like to buy a Mazda Miata Convertible for a purchase price of $27,500. You will take out a loan for the entire amount. a. You have excellent credit so you can secure a loan at 5% APR for 3 years. What is your monthly payment? How much will you pay in interest if you pay off the loan as scheduled? b. Now suppose instead you want to consider a 5 year loan at 6.5% APR. What is your monthly payment? How much will you pay in interest if you pay off the loan as scheduled? c. Compare the cost of the two loans.

  1. 👍
  2. 👎
  3. 👁
  4. ℹ️
  5. 🚩

1 answer

  1. Use same Eq I used in your 12:38 AM post.

    1. 👍
    2. 👎
    3. ℹ️
    4. 🚩

Answer this Question

Related Questions

Still need help?

You can ask a new question or browse existing questions.