If Charlie pays $288.65 every month then he will be paying $17,319 (= $288*6) in 60 months.

Which is $5,819 ($17,319-$11,500) more than the amount he borrowed $11,500.

This works out to be interest rate of 17.46%

Emad A.

asked • 04/22/14Car payments: Charlie borowed $11,500 to purchase a new car. His loa. Requires him to pay $288.65 each month over the next 60 months(five years). How much will he pay over the five years? How much more will he pay back than the amount of the loan ?

More

If Charlie pays $288.65 every month then he will be paying $17,319 (= $288*6) in 60 months.

Which is $5,819 ($17,319-$11,500) more than the amount he borrowed $11,500.

This works out to be interest rate of 17.46%

Ask a question for free

Get a free answer to a quick problem.

Most questions answered within 4 hours.

Find an Online Tutor Now

Choose an expert and meet online. No packages or subscriptions, pay only for the time you need.

Emad A.

04/22/14