For the car loan described give the following information a...

For the car loan described, give the following information. A car dealer will sell you the $30,650 car of your dreams for $6,000 down and payments of $663.06 per month for 60 months. (a) amount to be paid $ (b) amount of interest $ (c) interest rate (Round your answer to two decimal places.) % (d) APR (rounded to the nearest tenth of a percent) %

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Transcript

00:01 Alright, there are four parts of this problem.

00:03 Here it is asked that amount to be paid.

00:06 Amount to be paid will be equals to monthly payments into number of months.

00:11 So, this is actually given to us monthly payments that is 633 .06, 633 .06 dollars multiplied by 60 that gives us in all total it would be 37 ,983 .6.

00:36 This is in dollars, right.

00:38 So this is the amount paid we got.

00:41 So now we are asked for amount of interest, right.

00:45 So amount of interest in dollars would be given by amount to be paid minus down payment minus principal amount.

00:54 So that will give us the amount of interest for sure, right, because principal amount and down payment has been removed, right.

01:02 So what we will get from here, it will be like we have already calculated the amount to be paid.

01:08 That is this is dollar 37 ,983 .6 minus 6 ,000 dollars minus dollar 30 ,650.

01:25 So it will be how much, let us see.

01:31 It will be 30 ,650.

01:36 So it will be equals to 1000, 1000 dollar 1333 .6.

01:54 So this is going to be the answer.

01:56 This is what that was for the first part amount to be paid.