Used Car Loan In April 2010, the interest rate on 36-month used car loans was 5.74%
Chapter 6, Problem 65(choose chapter or problem)
Used Car Loan In April 2010, the interest rate on 36-month used car loans was 5.74%. Suppose you have a contract to buy a used car for $8000. (a) If a bank will lend you $8000 at a 5.74% simple rate of interest for 36 months, how much interest will be charged? (b) What is the total amount of the loan? (c) What is the monthly payment due? Source: Nationwide Bank
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