document.write( "Question 1158369: Suppose you purchase a car for a total price of $35,290.00 including taxes and license fee, and finance that amount for 4 years at an annual interest rate of 7%.Find the monthly payment, and what is the total amount of interest paid over the term of the loan? \n" ); document.write( "
Algebra.Com's Answer #781308 by Theo(13342)\"\" \"About 
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using the financial calculator at https://arachnoid.com/finance/index.html, i get the following:\r
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\n" ); document.write( "\n" ); document.write( "inputs are:
\n" ); document.write( "present value = 35,290
\n" ); document.write( "future value = 0
\n" ); document.write( "number of time periods = 4 years * 12 = 48 months
\n" ); document.write( "interest rate per time period = 7% per year / 12 = .58333333....% per month
\n" ); document.write( "payments are made at the end of each month.\r
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\n" ); document.write( "\n" ); document.write( "the calculator tells me that the monthly payment needs to be 845.06, rounded to the nearest penny.\r
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\n" ); document.write( "\n" ); document.write( "the total payments are 58 * that = 40,562.88.
\n" ); document.write( "the loan amount is 35,290.
\n" ); document.write( "the total interest paid is the total payments minus the loan amount = 5,272.88.\r
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\n" ); document.write( "\n" ); document.write( "here's a display of the calculator inputs and results.\r
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