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1a. If you take out a car loan for $30,000 for 6 years at 4.5% Simple...

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Finance

1a. If you take out a car loan for $30,000 for 6 years at 4.5%Simple interest what is the monthly payment? and How much will youpay in total for interest at the end of the 6 years?

1b. If you take out a car loan for $30,000 for 6 years at 4.5%Compound Interest what is the monthly payment? and How much willyou pay in total for interest at the end of the 6 years?

Answer & Explanation Solved by verified expert
4.4 Ratings (882 Votes)
1a Interest is determined at simple interest rate and add on the amount of the loan Amount of loan and interest is the future value of the loan FVP1rt P amount of the car loan30000 r45 or 0045 t6yrs    See Answer
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1a. If you take out a car loan for $30,000 for 6 years at 4.5%Simple interest what is the monthly payment? and How much will youpay in total for interest at the end of the 6 years?1b. If you take out a car loan for $30,000 for 6 years at 4.5%Compound Interest what is the monthly payment? and How much willyou pay in total for interest at the end of the 6 years?

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