SOLUTION: Find the amount of interest and the monthly payment for the loan. Purchase a car for $42,500 at 2.4% add-on rate for 5 years. (Round your answers to the nearest cent.)
the cor
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Question 569365: Find the amount of interest and the monthly payment for the loan. Purchase a car for $42,500 at 2.4% add-on rate for 5 years. (Round your answers to the nearest cent.)
the correct answer was 5100 for interest
the correct answer was 793.33 per month
I had 1751 for interest and 388.73 for monthly payment. How did they arrive at 5100 and 793.33. Thanks.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
2.4% add-on means 2.4% added to the total indebtedness for each year of the loan. 
which is the total added on interest. There are 60 months in 5 years, so:
So $793.33 per month.
John
My calculator said it, I believe it, that settles it
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