If the required monthly payment is 32241 what is the


To finance your car, you have decided to take a car loan in the amount of $15,000 from your credit union. You will pay off this loan over 60 months.

(a) If the required monthly payment is $322.41, what is the effective annual interest rate of this car?

(b) If you want to pay off the remaining load in a lump-sum after the 30th payment, what is the lump sum?

(c) How much of the 4th payment is the interest payment and how much is the principal?

(d) How much of the 44th payment is the interest payment and how much is the principal?

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Financial Management: If the required monthly payment is 32241 what is the
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