Solve the problem using the loan payoff table or an amortization table.
John Thomas bought a new car for $16,445. He paid 10% down and monthly payments for 3 years at 10%. Find the amount of each monthly payment necessary to amortize the loan and the total amount of interest paid over the 3 years.
A. $559.61, $5,345.46
B. $484.57, $2,644.02
C. $530.68, $2,659.48
D. $477.61, $2,393.46
Answer: D
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Use the power rules for exponents to simplify. Write the answer in exponential form.(-35)5
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Jamal has been approved for a $125,000 loan, 30-year mortgage with an APR of 5.3%. He made a 10% down payment and is closing on April 5th. How much should he expect to pay in prepaid interest at closing?
What will be an ideal response?