Financial planning problems (p. 235)
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Questionsa. What is the total interest on Richard’s loan? b. What is the total cost of the car? c. What is the monthly payment? d. What is the annual percentage rate (APR)? a. What is the total interest on Richard’s loan?
b. What is the total cost of the car? Total cost = Down payment + total interest + principal = $2,000 + $3,520 + $8,000 = $13,520 c. What is the monthly payment? Monthly payment = $3,520 + $8,000 divided by 48 = $240 d. What is the annual percentage rate (APR)? APR 
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