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

Draw all four products when the following compound undergoes dehydrohalogenation and rank them in terms of stability. Which product do you expect to be the majo
need help ASAP …….………
Help ASAP!! Answer must be in radicals and in terms of pi.
Kevin baked 44 cookies. His family ate d of them. Using d, write an expression for the number of cookies that remained
In your own opinion, which government functions would be best handled by state governments? Check any that apply. O making treaties with foreign countries D run
plese help asap!!! .................
a golf course is trying to determine par for a particular hole. calculate the value they should put on the sign where people tee off so they know what par is fo
x+1=0 Giải hộ em với
Look at the image for the question below
A sample is generated from a population of 20 items. Each of the 20 items are given a label, and a 20-sided die is rolled 3 times to determine which 3 items are