Owning a Car 1
Rudy has arranged to buy a car for $10,240. He has a $3000 trade-in allowance and will make a
$2000 down payment. He will finance the rest with a 3-year auto loan at 3.4% APR.
What is the total amount of interest he will pay? Round your answer to the nearest dollar
Monthly Car Loan Payment Per $1000 Borrowed
Term (months)
Rate 24
36
48 60
2.9% 42.937 29.037 22.090 17.924
3.0% 42.981
22.134 17.969
3.1% 43,025 29.125 22.179 18.013
3.2% 43.070 29.169 22 223 18.058
3.3% 43.114 29.214 22.267 18.102
3.4% 43.158 29.258 22.312 18.147
3.5% 43.203 29.302 22.356 18.192
0
$288
O
$279
0
O $271
O
$188