question archive You just bought a Toyota Camry and pay for it by making a down payment of $4,000 followed by payments of $710/month for 3 years
You just bought a Toyota Camry and pay for it by making a down payment of $4,000 followed by payments of $710/month for 3 years
Subject:BusinessPrice: Bought3
You just bought a Toyota Camry and pay for it by making a down payment of $4,000 followed by payments of $710/month for 3 years. The cost of financing is $2,735. What nominal interest rate, compounded monthly, are you paying on the car loan? What is the selling price of the car?
