A) Andrea will need to borrow $34,000 to buy the Camaro
B) Andrea will need to type =(34000x1.03 ^ 5) / 60 in Excel to figure her monthly payment, which will be $656,92.
C) The total of all of Andrea’s payments be over the lifetime of the car loan will be $39.415,31
D) Andrea will pay $5415.31 in interest over the lifetime of the car loan
Since Andrea's car has broken down for the third time this month, and she has decided to buy a different car, and her dream car, a 2016 Chevrolet Camaro, costs $ 38,000, and she has a $ 4,000 down payment saved, and the bank is offering 3.00% APR on 60 month loans for new cars, to determine A) how much will Andrea need to borrow to buy the Camaro; B) what would Andrea need to type in Excel to figure her monthly payment from her, and what will her her monthly payment be from her; C) what will the total of all of Andrea’s payments be over the lifetime of the car loan; and D) how much will Andrea pay in interest over the lifetime of the car loan, the following calculations must be performed:
- A)
- 38000 - 4000 = X
- 34000 = X
- B)
- = (34000x1.03 ^ 5) / 60
- 39.415,31 / 60
- 656,92
- C)
- 34000 x 1.03^5 = X
- 34000 x 1.1592 = X
- 39.415,31 = X
- D)
- (34000 x 1.03^5) - 34000 = X
- (34000 x 1.1592) - 34000 = X
- 39415.31 - 34000 = X
- 5415.31 = X
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