question archive A $20 000 car loan is charged 3
A $20 000 car loan is charged 3
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A $20 000 car loan is charged 3.9% per annum interest, compounded quarterly.
(can use TVM Calculator and please explain the steps you do to get the answers)
a) Determine the quarterly payments needed to pay the loan off in five years.
b) How much faster would the loan be paid off using the same payments, if the interest rate was lowered to 1.9%?
c) How much in interest charges could be saved (compared to part a.) by making weekly payments of $100.00, if interest is charged at 3.9%, compounded weekly.
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