SOLUTION: Dale purchased a car for 26000. He paid 2,000 down and financed the rest over 5 years at 3%. Find interest paid and monthly payment.

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Question 1146738: Dale purchased a car for 26000. He paid 2,000 down and financed the rest over 5 years at 3%. Find interest paid and monthly payment.
Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
Dale purchased a car for 26000. He paid 2,000 down and financed the rest over 5 years at 3%. Find interest paid and monthly payment.
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The balance is $24000
5 years = 60 months.
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There's no "answer." Depends on the terms of the contract.
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Is is 3% of the remaining balance, or 3% of the $24000?
Regardless, it depends on what the paper Dale signed says.