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

Expert Answers
tseames eNotes educator| Certified Educator

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.