A car loan of 8500 with a interest rate of 4.49 from bank need to pay it in 3 years.need to find out monthly payment and total cost of loan how to find it

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tseames | High School Teacher | (Level 1) Adjunct Educator

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The cost of the car 8500 x .0449 = 381.65 interest payments per year.

8500+381.65+381.65+381.65=9644.95 (total cost of car)

9644.95/36 = 535.83 per month.

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