1. The weekly car loan payment that Rajesh will make is $75.79.
2. The total amount will pay to the dealership by the time the loan is fully paid off is $31,527.43.
3. The amount of interest to be paid is $3,277.43.
Data and Calculations:
Cost of car = $25,000
Harmonized Sales Tax = 13%
Total price of car = $28,250
Down payment = 0%
Interest rate = 2.79%
N (# of periods) = 416 weeks (52 x 8 years)
I/Y (Interest per year) = 2.79%
PV (Present Value) = $28,250
FV (Future Value) = $0
P/Y (# of periods per year) = 52 weeks per year
C/Y (# of times interest compound per year) = 52 weeks
Results:
Weekly Payment = $75.79
Sum of all periodic payments = $31,527.43
Total Interest = $3,277.43
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