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

Maestra, ¿Cómo se llama? ¿De qué nacionalidad es?
He Perimeter of a regular decagon is 328cm stake the length of one of its sides
PLEASE IS FOR TOMORROW 1 constructed paragraph of haroun and the sea of storis how salman rushdie uses the motif of silence
Louis has developed a rash on his back. He seeks treatment from a specialist who treats the skin. What is the medical term for this specialist? OA. cardiologist
Sequences as Functions: Practice Save and Exit Question 8 of 8 Consider the geometric sequence below. 2, 12, 72, 432, ... Select the explicit function which def
How many molecules are in 12.5g of water (H2O)? Molar mass Help asap
state the situations where the falling tune is used.give examples ​
What did early computers use to store each bit?
If people lost confidence in the government what kind of money would have the least value?
How long have you been here on this sit