Fritz Benjamin buys a car costing 19600 He agrees to make pa

Fritz Benjamin buys a car costing $19600. He agrees to make payments at the Fritz\'s monthly payment is S end of each monthly period for 7 years. He pays 8.4% interest, compounded monthly. What is the amount of each payment? Find the total amount of interest (Round to the nearest cent.) Fritz will pay

Formula = Installment = P * i/c * (1 + i/c)^nc / (1 + i/c)^nc - 1

= 19600 (0.084/12) * (1 + 0.084/12)^7*12 / (1 + 0.084/12)^7*12 - 1

= 19600 * 0.007367 * 1.79669982914 / 0.79669982914

= $325.62

Interest paid = 325.62 * 84 - 19600 = $7752.08

$Fritz Benjamin buys a car costing $19600. He agrees to make payments at the Fritz\'s monthly payment is S end of each monthly period for 7 years. He pays 8.4%$

Fritz Benjamin buys a car costing 19600 He agrees to make pa

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