You were able to sell a car worth 2,100,000, which would be financed by a bank. You told your buyer that the required down payment was 20% of the net price. Your buyer also need to pay the monthly amortization of 34,950 for 5 years.How much was the down payment paid by the buyer?How much was the gross balance or the amount to be financed by the bank?How much was your total commission if you received a commision of 5.25% based on the suggested retail price of the car from the car dealer and 1.25% incentive from the bank.How much was the interest rate charged by the bank for requiring the buyer to pay the monthly amortization of 34,950 for 5 years?
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