You borrow 75000 for a new car the terms are you must repay, Finance Basics

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You borrow 75000 for a new car the terms are you must repay

Question: You borrow $75,000 for a new car. The terms are you must repay in 36 equal installments with interest of 15% per year compounded monthly

a) What is the effective interest rate you will pay?

b) What is your monthly payment?

c) Consider you payment at the end of month 12, how much of that payment is used to reduce principal and how much is interest?

d) Like, 2.c, for the payment at the end of month 24, how much in prinical and how much is interst?

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Finance Basics: You borrow 75000 for a new car the terms are you must repay

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