An auto dealer has designed a marketing gimmick

jagguarpaw January 18, 2017 0 Comments

Question: An auto dealer has designed a marketing gimmick. T…

An auto dealer has designed a marketing gimmick. They are asking their customers to pay only $99 at the end of each month, for the first two years for a car priced at $10,000. The APR on the vehicle is 5.64% and the total term of the loan is 5 years. What is the monthly payment for the remaining three years? Interest is payable during the entire five year period.