suppose that inflation is 2%. according to the data given in the article, what is the new real rate of interest on a 5-year car loan? give your answer to two decimals. smartwork

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08-09-2022
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suppose that inflation is 2%. according to the data given in the article, what is the new real rate of interest on a 5-year car loan? give your answer to two decimals. smartwork

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Auto loan interest is calculated using simple interest rather than compound interest, it does not accrue interest. Of course, for people who require a car loan, the lower the rate, the better. The typical interest rate for a new car loan for customers with credit scores of 700 and higher has been 3.65%.

Your car is undoubtedly one of the most expensive investments you'll ever make, second only to a home. You'll also change vehicles a few times in your lifetime if you're like most individuals.

But let's face it, most of us can't afford to buy a car or truck entirely, so we must instead rely on loans. While some customers might use the automaker's financing offers, others might turn to external lenders. Any option you select will require you to repay the loan with interest.

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