Homework Help: ALGEBRA

Posted by Urgen please help on Thursday, June 14, 2012 at 4:23pm.

Find the amount of interest and the monthly payment for the loan. Purchase a car for $42,800 at 2.7% add-on rate for 5 years. (Round your answers to the nearest cent.)
$ interest =
$ per month =

ALGEBRA - Henry, Saturday, June 16, 2012 at 3:18pm
P = (Po*r*t) / (1-(1+r)^-t).

Po = $42,800.
r = 2.7% / 100% = 0.027 = APR expressed as a decimal.
t = 5 yrs.

Plug the above values into the given Eq
and get:

P = $45,802.04
Monthly = 45,802.04 / 60mo = $763.37.
Int.=P - Po=45,802.04 - 42,800=$3002.04.

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