Please help me, thanks!!! 5. You want to buy a car for $25,000 and have $3,000 t

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Please help me, thanks!!!

5. You want to buy a car for $25,000 and have $3,000 to put down. Your payment is $516.67 for 48 months. What is your interest rate? ______

13. You want to buy a house. You can only afford $1,800 per month and you anticipate that taxes will be $100 per month and insurance $58.70 per month. If you finance for 15 years at 6% interest how much house can you afford?

26. You are purchasing an RV for $80,000 with a 10% down payment, financed for 10 years at 8% interest. How much is your payment __________? What is the interest, principle and the balance of the 1st and 24th payment?

1st                            24th                  

Principle __________          __________

Interest   __________                  __________

Balance __________          __________

Explanation / Answer

Ans 5)

Ans 13)

Ans 26)

Cost 25000 Less Down Payment 3000 Net payment 22000 Interst payment 516.48 Instalment 48 Total Interest paid 24791.04 Interest paid 22000-24791.04 2791.04 Rate of Interst 2791.04/22000*100 Interst rate 12.69

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