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by sjoseph4 on December 13th, 2011

sjoseph4

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Help answer this question below.

vehicle loan of $14,500 to be set up at a 6.9% APR compounded monthly for 5 years.

How much would their monthly payment be given the details stated above? How much interest would they have to pay during the five years they didn't pay the extra principal?

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Answers. 1 helpful answer below.

  • by WarHorseLeBron on December 13th, 2011

    WarHorseLeBron

    APR = Annual Percentage Rate

    So its not compounding monthly. Well, thats my understanding. If you compound it monthly, the cost balloons to some $800,000 after 60 months.

    14500(1+0.069)^5 = 20242.14

    20242.14/60 = $337/Month

    20242-14500 = $5742 interest

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