Question 1
Use PMT = 
. Round to the nearest dollar.
Suppose that you borrow $10,000 for four years at 8% toward the purchase of a car. Find the monthly payments and the total interest for the loan.
◦ $244; $1712
◦ $286; $13,728
◦ $698; $23,504
◦ $244; $11,712
Question 2
Use PMT = . Round to the nearest dollar.
Suppose that you borrow $15,000 for a new car. You can select one of the following loans, each requiring regular monthly payments:
Installment Loan A: three-year loan at 5.9%
Installment Loan B: five-year loan at 6.9%.
Find the monthly payments and the total interest for both Loan A and Loan B. Compare the monthly payments and the total interest for the two loans.
◦ Loan A: $456, $1416; Loan B: $296, $2760; The monthly payment is lower with the longer-term loan but the total interest is less with the shorter-term loan.
◦ Loan A: $296, $2760; Loan B: $456, $1416; The monthly payment is lower with the shorter-term loan but the total interest is less with the longer-term loan.
◦ Loan A: $897, $17,292; Loan B: $894, $38,640; The monthly payment is lower with the longer-term loan but the total interest is less with the shorter-term loan.
◦ Loan A: $894, $38,640; Loan B: $897, $17,292; The monthly payment is lower with the shorter-term loan but the total interest is less with the longer-term loan.
Mel Chin, Operation Paydirt/Fundred Dollar Bill Project.
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