brodylynncarter9292 brodylynncarter9292
  • 01-03-2018
  • Mathematics
contestada

You borrow $6,730 to buy a car. the terms of the loan call for monthly payments for 5 years a rate of interest of 6 percent. what is the amount of each payment?

Respuesta :

mathmate
mathmate mathmate
  • 02-03-2018
Loan amount, P=6730
interest, i = 0.06/12 = 0.005 per month
term, n=5 years  = 60 months

Monthly payment, 
A=[tex]\frac{P(i*(1+i)^n)}{(1+i)^n-1}[/tex]
[tex]=\frac{6730(.005*(1+.005)^{60})}{(1+.005)^{60}-1}[/tex]
=130.11  [to the nearest cent]
Answer Link

Otras preguntas

Which processes are shown in the image above?
Joseph Hill has the following assets and liabilities as at 30Dec2019. Equipment 6200Creditors 2800Car7300Stock of goods 8100Debtors 4050Cash at bank 9100Cash in
write points (3,1) and (5,4) in slope intercept form and function notation
Someone please help me with this
the theoretical of rolling an even number on a dice
The diameter of the circle is 13 cm. What is the circumference of the circle? Give your answer in centimetres to 1 decimal place.
8. Fill in the blank using suitable linker: I won't speak anything .......they stop arguing ****************​
Ragini wants to lay tiles of size 20 cm x 20 cm on the floor of her kitchen which is 8 m in length and 4 m in breadth. How many tiles are required to complete
how to draw a profile figure​
What is the meaning of Romanticism as it used in this text? Write your own definition of the word here, along with a brief explanation of how you came to that c