Lindsay needs to purchase a car. The car she is planning on purchasing costs $8,000 and she has $2,000 that she will be using as a down payment. She is offered credit terms of 3% APR for a term of 3 years. Please calculate the following:

1) The total amount of interest she will pay over the 3 year period (in dollars)

2) The actual cost of the car after financing is added in (in dollars)

3) The monthly payment she will owe (in dollars)

Question 1 options:

Question

Lindsay needs to purchase a car. The car she is planning on purchasing costs $8,000 and she has $2,000 that she will be using as a down payment. She is offered credit terms of 3% APR for a term of 3 years. Please calculate the following:

1) The total amount of interest she will pay over the 3 year period (in dollars)

2) The actual cost of the car after financing is added in (in dollars)

3) The monthly payment she will owe (in dollars)

Question 1 options: