# Finance Assignment | Professional Writing

This Question: 4 pts 2 UI 2016 CUMULUI \$ 60 Number 4.0% 5,5% Payments Nina buys a new sport utility vehicle for \$35,000. She trades in her old truck and receives \$10,000, which she uses as a down payment. She finances the balance at 5% APR over 36 months. Before making her 6th payment, she decides to pay off the loan. Answer parts a) through d) below. Annual Percentage Rate 4,5% 5.0% 5.0% (Finance charge per \$100 of amount financed) 5.92 6.59 7.09 10.54 7.26 5.25 6.29 8.38 7.90 8.71 11.63

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Finance Assignment | Professional Writing
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a) Use the given table to determine the total interest Nina would pay if all 36 payments were made. mer Nina would pay \$ in interest. (Round to the nearest cent as needed.) b) What were Nina’s monthly payments? Nina’s monthly payments were \$ (Round to the nearest cent as needed.) c) How much interest will Nina save by paying off the loan early? Nina will save \$ (Round to the nearest cont as needed.) d) What is the total amount due to pay off the loan? The payoff amount is \$ . (Round to the nearest cent as needed.) Enter your answer in each of the answer boxes

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