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

Factor the trinomials by grouping PHOTO IS ATTACHED PLEASE HELP!!
i heated the microwave because my porridge had gone cold please tell me what's the dependent clause​
What does the remainder theorem conclude given that f(x)/x+6 has a remainder of 14? Enter your answer by filling in the boxes.​
PLEASE HELP ASAP !!! will mark as brain list !! which of the following is an example of the government’s power over citizens? the government takes away the lice
What are the main objectives of Pakistan's foreign policy??
The sum of three consecutive even integers is –78
------i need help now PLZ 3 questions------
‼️‼️what is the parent function & transformation to‼️‼️ f(x)=2/3 /x-4/
Round 67.981468373 to 1 decimal place.
16x−8=14x+14 can someone help