Assume a car loan amount of 100000 with annual interest, Finance Basics

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Assume a car loan amount of 100000 with annual interest

Question: Assume a car loan amount of $100,000, with annual interest rate 6% and 5 years term.

1. Calculate annual payment amount

2. Calculate monthly payment amount

3. Is it better off to pay a loan monthly or annually? Why?

4. Prepare a 60 month loan amortization schedule How much is your total interest payment?

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Finance Basics: Assume a car loan amount of 100000 with annual interest

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Finance Basics: Assume a car loan amount of 100000 with annual interest

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