Sunday
May 26, 2013

# Homework Help: ALGEBRA

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.

Related Questions

ALGEBRA - Find the amount of interest and the monthly payment for the loan. ...
ALGEBRA - Find the amount of interest and the monthly payment for the loan. ...
ALGEBRA - Find the amount of interest and the monthly payment for the loan. ...
ALGEBRA - Find the amount of interest and the monthly payment for the loan. ...
algebra/math - Find the amount of interest and the monthly payment for the loan...
online - Find the amount of interest and the monthly payment for the loan. ...
math - Find the amount of interest and the monthly payment for the loan. ...
math - Find the amount of interest and the monthly payment for the loan. ...
Math - Find the amount of interest and the monthly payment for the loan. ...
MATH - Find the amount of interest and the monthly payment for the loan. ...