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Leno4ka [110]
3 years ago
6

You were just approved for a $32,000 car loan at an APR of 1.99% for 60 months. As you make payments over time: your payment is

, the amount of interest you will pay each month , and the amount of principal you pay each month .
Mathematics
1 answer:
Softa [21]3 years ago
5 0

What it Means...

If you borrow $32,000 at 1.99% for 5 years, your monthly payment will be $560.75.

The payments do not change over time. The loan amortizes over the repayment period, meaning the proportion of interest paid vs. principal repaid changes each month. As the loan amortizes, the amount of monthly interest paid decreases while the amount of principal paid increases.

<span>Loan Amount: $32,000
Term (years): 5     (60 Months)

Annual Interest Rate (%): 1.99%</span> Monthly Payment = $560.75


Check out upload files 

<span>Amortization Schedule</span>
Download docx
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Can anyone help solve this for me ASAP. Thanks!
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Answer:

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2 years ago
Find the equation of the line passing through point (4,2) and perpendicular to AB
Setler [38]

Answer:

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Step-by-step explanation:

a. Gradient of line AB:

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b. The of the line that is perpendicular to line AB would be the negative reciprocal of the gradient of line AB.

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3 years ago
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It is frequently larger than the marginal rate and is used to compare various financial products with different compounding periods, such as weekly, monthly, and yearly.

The effective yearly interest rate rises over time as the number of compounding periods increases.

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