Posted by **apryl** on Saturday, September 3, 2011 at 8:20pm.

Find the amount of interest and the monthly payment for the loan. Purchase a car for $42,700 at 2.5% add-on rate for 5 years. (Round your answers to the nearest cent.)

$ interest

$ per month

- algebra/math -
**Henry**, Monday, September 5, 2011 at 5:51pm
Pt = Po*r*t / (1 - (1+r)^-t),

r = (2.5% / 12) / 100% = 0.002083 = monthly % rate expressed as a decimal.

t = 12mo/yr * 5yrs = 60 months.

Pt=42700*0.002083*60 / (1-(1.002083)-60

=5337.4991 / 0.117388323=$45,468.74

Int. = 45,468.74 - 42700 = $2768.74

Monthly=Pt / t=45468.74 / 60 = $757.81

- algebra/math -
**Geraldine **, Wednesday, June 13, 2012 at 10:41am
find the amount of interest and monthly payment for loan. Purcase a living room set for 3,900 at 12% add-on interest for 2 years. round your monthly payment to the nearest cent.

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