Business, 16.10.2019 02:00 Kingmoney959

If you finance a car with a dealer, most likely you’ll pay interest calculated with the "add on interest" or "tack on interest" method (which not surprisingly works in the favor of the dealer). during the life of the loan, interest is paid on the full amount borrowed, even though some principal is paid back each month.
a student buys a car as follows:
down payment - $ 2,000
amount financed - $ 12,000
total cost of car - $14,000
finance charge - add on interest @ 10% per annum over 4 years (48 months)
what is the monthly payment and apr of this loan using your hp 10bii?

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If you finance a car with a dealer, most likely you’ll pay interest calculated with the "add on inte...

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