Overhaulin'

you have purchased a car for $178,000.you have financed your purchase with down payment of$35,000 and a bank?

loan for the remainder at an interest rate of 7.5% compounded annually.the car loan is to be paid over a period of 8 years .payments are to be paid at the end of each month with the first payment due in one month .calculate the monthly payment on the car loan?

Public Comments

1. I would rather buy a house which appreciates in value instead of the car which depreciates in value and the interest rates on a home loan are less than that of a car loan. You must decide if you want to live in a car and pee in the ashtray or get a 5 bedroom, 4 bath home. By the way, in my mind, there is no car that is worth $178,000,
2. Do your own homework Especially homework this easy