Answer:
amount financed: 47800
monthly payment: 454.97
FC: 6796.40
558390.76
198390.76
Step-by-step explanation:
1.)
the amount financed is the cost- amount paid today
61800-14000=47800
effective rate: .027/12=
assuming it's an annuity immediate...
x=payment
[tex]47800=x\frac{1-(1+.00225)^{-(10*12)}}{.00225}\\47800=105.0617517x\\x=454.97[/tex]
going to assume that the last part is asking for the interest
to find the interest do financed amount-total paid
454.97*10*12-47800=6796.4
2.)
Find the effective rate
.056/4=.014
assuming annuity immediate
[tex]6000\frac{(1+.014)^{15*4}-1}{.014}=558390.7595[/tex]
interest earned:
558390.7595-6000*60=198390.76
