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 pair of numbers has a difference of 54
¿Por que es importante vivir un desierto en la Cuaresma? porfi es para hoy :,c
IF X is -2 and y is -4what is -X-1+y+4?​
PLZZZ HELP ME ILL GIVE BRAINLIEST TO THE FIRST PERSON WHO ANSWERS CORRECTLY. 3. Why did many countries in Europe need help from the United States? a. Because m
factories f(x) = x³ + 3x² - 34x + 40​
The length of a rectangle is four times its width, If the area of the rectangle is 100 in ^2”, find its perimeter
What is the theme of Team Tryouts by Steve Dawson?
What happens when molecules lose energy?
Find the gcd of 30,45,75
Part C What does the absolute value of the correlation coefficient say about the predictions in part B? How do you know? Write an explanation of about one to tw