Tess is going to purchase a new car that has a list price of $29,190. she is planning on trading in her good-condition 2006 dodge dakota and financing the rest of the cost over four years, paying monthly. her finance plan has an interest rate of 10.73%, compounded monthly. tess will also be responsible for 7.14% sales tax, a $1,235 vehicle registration fee, and a $97 documentation fee. if the dealer gives tess 75% of the listed trade-in price on her car, once the financing is paid off, what percent of the total amount paid over four years would be interest? (consider the trade-in to be a reduction in the amount paid.)

what percent of the total amount paid over four years would be interest?

18,98%  Interest %

Explanation:

New car2919075%                     21.893        Loan 10.193

% rate10,73    

Period  4    

Sales tax7,14%                       1563,1245  

vehicule registration1235             1235  

Fee97                                          97  

PeriodPaymentCapitalInterestLoan

   10.193

12621719110.022

2262172909.849

3262174889.675

4262176879.500

5262177859.322

6262179839.144

7262180828.963

8262182808.781

9262184798.598

10262185778.413

11262187758.226

12262189748.037

13262190727.847

14262192707.655

15262194687.461

16262195677.266

17262197657.069

18262199636.870

19262201616.669

20262202606.467

21262204586.263

22262206566.056

23262208545.848

24262210525.639

25262212505.427

26262214495.213

27262215474.998

28262217454.781

29262219434.561

30262221414.340

31262223394.117

32262225373.891

33262227353.664

34262229333.435

35262231313.203

36262233292.970

37262236272.734

38262238242.497

39262240222.257

40262242202.015

41262244181.771

42262246161.525

43262248141.276

44262251111.025

452622539772

462622557517

472622575260

482622602(0)

12.581 10.1932.388  

       18,98%  Interest %

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