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Calculating EMI for a loan

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You want to buy a car. Based on your current finances, you have up to $3,200 in savings that you can use for a down payment. You believe you can afford no more than $160 per month in loan payments.

Offer Number 1: An individual you trust will sell you a used car for 10% off the Blue Book value of $9,800. Your company credit union offers used car loans for 48 months at 7½ % annual simple interest.

For Offer Number 1
1.How much will the car cost after the discount?
2.How much will you need to borrow from your credit union?
3.What is the total amount of interest paid in 48 months?
4.How much will the monthly payments be?

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Solution Summary

The solution describes the steps for calculating EMI and total interest paid during the loan period.

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For Offer Number 1
1. How much will the car cost after the discount? ...

Solution provided by:
  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
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