Use Appendix E, the Monthly Installment Loan Tables, to calculate the monthly payments for a vehicle that costs $15,000 if you financed the entire purchase over 4 years at an annual interest rate of 7 percent. Also calculate the loan payments assuming rates of 8 percent and 9 percent. Compare the total amount spent on the vehicle under each assumption. Use the Auto Loan Calculator to calculate the monthly payments for a vehicle that costs $15,000 if you financed the entire purchase over 4 years at an annual interest rate of 7 percent. Also calculate the loan payments assuming rates of 8 percent and 9 percent. Compare the total amount spent on the vehicle under each assumption.
