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CHAPTER 18
Assume you are looking to buy a new car. You are pre-approved for a $15,000 auto loan with a 4% interest rate. You decide you want to have the car paid off …
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How to calculate interest on a car loan?
Loan Interest Rate Length in Years I 8% 5 II 9.75% 3 III 10.25% 4.5 IV 18% 2.5 V 22.25% 4 4. Have the students provide a word processed summary of their project.
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[DOC File]Car Loan Project - Cory-Rawson
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If the interest rate is the same, then it will take me 56.41 months to pay off my loan. However, if the interest rate is different, I must calculate how many months it will take me to pay off my loan at the new interest rate. Upon checking the interest rate for a 60 month new car loan at www.bankrate.com, I find that the rate is now 5.5%.
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[DOC File]Math RWLO Template Title Placeholder
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The text describes this method as a “rebate” but it is usually only used in subprime auto loans because the alleged rebate is actually a prepayment penalty over what one would pay with a simple interest loan where one pays interest on the actual loan balance at that time. In 1992 Congress outlawed its use for loans longer than 61 months.
interest on auto loan calculator

Calculating interest on auto loan