+0  
 
0
199
1
avatar

show how to calculate the monthly payment on a car that cost $15,995. The interest rate is 8.9% per year. You will be paying for it for 5 years, SHOW WORK

Guest Oct 15, 2017
 #1
avatar
0

You would use this formula to calculate the monthly payment:

 

PMT=PV. R.{[1 + R]^N/ [1 + R]^N - 1}

PMT=15,995 x 0.089/12{[1 + 0.089/12]^(5*12) / [1 + 0.089/12]^(5*12) - 1}

PMT =15,995 x 0.00741666{[1+0.00741666]^60 /[1.00741666]^60 - 1} 

PMT =118.62958333[ 1.557929826865] / [0.557929826865]

PMT =   118.62958333   x        2.792340096995.............

PMT =$331.25 The monthly payment for this loan.

Guest Oct 15, 2017

10 Online Users

avatar

New Privacy Policy

We use cookies to personalise content and advertisements and to analyse access to our website. Furthermore, our partners for online advertising receive information about your use of our website.
For more information: our cookie policy and privacy policy.