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

He will find my __gem
Collecting data from a sample that does not represent the population is called
If two objects are made of the same material, one large and one small, and they are submerged in water, which object experiences the larger buoyant force?
Ryan hypothesizes that darker colors heat up faster. He places a thermometer inside a red wool sock, a green cotton glove, and a black nylon hat. What's wrong w
Choose whether the main verb in the sentence below is active or passive. No innovative communication signals were produced by the chimpanzees
how would I answer these???
What was sciencs fiction and ideal genre for expressing fears that arose from the cold war?
the number of science books checked out at the school library is directly proportional to the number of students in Physics class. If 42 books were checked out
625(5xy)^-3/(5x)^2y^7
60÷5(7-5)=24 is that correct ? Thanks