Question 1202826
the price of the car is 20,000
the down payment is 25%.
the amount to be finance is 15,000


the interest rate is 9% per year divided by 12 = .75% per month.


the payment required at the end of each month for the 60 months loan is equal to 311.38.
multiply that by 60 payment = 18682.8.
subtract that from 15000 = 3682.8.


here's what the resuls look like on the calculator.


<img src = "http://theo.x10hosting.com/2023/062121.jpg">


the payment required at the end of each month for the 72 month loan is equal to 270.38.
multiply that by 70 payments = 19467.36.
subtract that from 15000 = 4467.36.


here's what the results look like on the calculator.


<img src = "http://theo.x10hosting.com/2023/062122.jpg" >


inputs are everything except the payment required at the end of each time period.


inputs are:


present vlue = 15000
future value = 0
number of time priods = 60 months and 72 months.
interest rate per time period = 9/1 = .75%
payments are made at the end of each time period.


the 72 month loan will reuire less monthly payments for a longer period of time.
the total interest on the 72 monh loan will be higher than the total interest on the 60 month.


calculator i used is at <a href = "https://arachnoid.com/finance/" target = "_blank">https://arachnoid.com/finance/</a>