Asked by Priscilla Trujillo on May 09, 2024
Verified
Jamal is going to borrow $14,000 from his credit union to buy a used car.The APR is 7.0% and the length of the loan is 4 years.How much will Jamal pay in interest?
APR
Annual Percentage Rate, which measures the cost of credit, including interest and any other charges, expressed as a yearly interest rate.
Interest
The cost of borrowing money, typically expressed as a percentage, charged by lenders to borrowers.
- Compute the aggregate amount of payments and interest for loans and installment agreements.
Verified Answer
SM
suhara mazlanMay 15, 2024
Final Answer :
Find the monthly payment,multiply it by the number of months of the loan,and then subtract the principal. 
Learning Objectives
- Compute the aggregate amount of payments and interest for loans and installment agreements.