Question
Please round to 2 decimal places. A recent college graduate buys a new car by borrowing $18,000 at 7.2%, compounded monthly, for 5 years. She decides to pay $369 instead of the monthly payment require...
Please round to 2 decimal places.
A recent college graduate buys a new car by borrowing $18,000 at 7.2%, compounded monthly, for 5 years. She decides to pay $369 instead of the monthly payment required by the oan. (a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.) $358.12 How much extra did she pay per month? (Round your answer to the nearest cent.) s 10.88 b) How many $369 payments will she make to pay off the loan? (Round your answer up to the next whole number.) payments (c) How much does she pay in total over the life of the loan by paying $369 per month rather than the required payment? If instead of paying $369 per month she only paid the required payment every month, how much would she have paid in total over the life of the loan? (Round your answer to the nearest cent.) How much will she save by paying $369 per month rather than the required payment? (Round your answer to the nearest cent.)
Answers
As per the answers of the first part, EMI has already been calculated, which is appx $358.12
(b). If her EMI of 60 months is $ 358.12, that means she has to pay a total of
358.12 * 60 = $21487.2 in five years.
Now, as per the question, if she pays $369 per month, then she will pay for 21487.2/369 = 58.23 months
Appx for 58.2 months
(c). If she pays 369 per month over the entire loan period, then she has to pay 369*60 = $22140
(d) If she only pays her EMI, then her total amount would have 358.12*60 = $21487.2
(e) If she pays $369 per month instead of her EMI of $358.12, then approximately, her 1.8 EMIs (as solved in the part b above) will be saved
that means, 358.12 * 1.8 = $644.16
approximately, she will save a total of $644.16 y paying $369 per month.
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