Kenneth secured a 4-year car loan at 5.60% compounded annually that required him to make payments of $882.81 at the beginning of each month. Calculate the cost of the car if he made a downpayment of $2,500. Round to the nearest cent Kenneth secured a 4-year car loan at 5.60% compounded annually that required him to make payments of $882.81 at the beginning of each month. Calculate the cost of the car if he made a downpayment of $2,500. Round to the nearest cent
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Since he makes payments at the beginning of each month, there are 12 payments in a year and a total of 4 years, so the total number of payments is 12 payments/year * 4 years = 48 payments. Show more…
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