Car loan interest question.?
help me. its been
bloke
y years since college and my math skills have deteroriated
my local auto dealership is offering a 0% financing for 36 months. he will allow me to purchase a $41,000 vehicle for $0 down as well. assuming i take this loan, how much intrest will i make over the 36 months by keeping all 41,000 in a money market checking account earning 4.5% interest? (monthly payments will be deducted from this account)
thanks for your help.
i am
assuming the monthly payment to be about $1100
Answer
$3,201.46, provided the interest is compounded monthly, payments are 1100/mo