An automaker promotion loan on a $20,000 vehicle. The downpayment is 20% are being financed for 48 months. The monthly payments will be $367.74. What will be the APR for this automobile loan
Answers
Answer:
1.52%
Explanation:
Using the formula;
Fees + Interest / Principal / n X 365
where:
Interest= Total interest paid over life of the loan = 20%
Principal=Loan amount = $20,000
n=Number of days in loan term = 48 months
The APR= $4000 (20% of $20,000) / $20,000 / 48 X 365
= 1.52%
Therefore the annual percentage rate is 1.5%.
Answer:
4.92%
Explanation:
The APR for the automobile =
Finance charge = Total monthly payments - Amount financed
Amount financed = Cash/loan value - down payment
loan value = $20000
down payment = 20% of $20000 = $4000
therefore Amount financed = $20000 - $4000 = $16000
Total monthly payments = $367.74 * 48 = $17651.52
Finance charge = $17651.52 - $16000 = $1651.52
therefore APR = (1651.52 / 16000) * 100 = 10.32
from the Table look up factor APR having a factor of 10.32 for 48 months installments will be 4.92%
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Explanation:
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Answer:
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