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a car costing 5995. financed at 9% interest for 36 mos will cost what per month?

Guest Mar 14, 2017
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3+0 Answers

 #1
avatar+5102 
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(5995+(5995*9%))/36 = 181.5152777777777777777777777777777777777777777777777777777777777778

 

OR, in shorter numbers

 

~$181.52

rarinstraw1195  Mar 14, 2017
 #3
avatar+89752 
0

Hi Rarinstraw,

You have tried to do it on simple interest but your answer is too little becasue you have only charged interest for 1 year, not for three.

Melody  Mar 14, 2017
 #2
avatar+89752 
+5

a car costing 5995. financed at 9% reducing interest for 36 mos will cost what per month?

 

C=??

PV=5995

n=36

i=0.09/12 = 0.0075

 

\(5995=C*\frac{1-1.0075^{-36}}{0.0075}\\ C=5995\div (\frac{1-1.0075^{-36}}{0.0075})\)

 

5995/((1-1.0075^-36)/0.0075) = $190.64   per month

Melody  Mar 14, 2017

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