Posted by Anonymous on Monday, August 13, 2012 at 5:33pm.
Find the amount of interest and the monthly payment for the loan. Purchase a car for $42,600 at 2.9% addon rate for 5 years. (Round your answers to the nearest cent.)
$ 1 interest
$ 2 per month

math  Henry, Tuesday, August 14, 2012 at 8:18pm
P = (Po*r*t) / (1(1+r)^t).
P = Principal after 5 yrs.
Po = $42,600 = Initial Principal.
r = (2.9%/12) / 100% = 0.0024167 = Monthly % rate expressed as a decimal.
t = 12Comp./yr * 5yrs = 60 Compounding
periods.
P=(42600*0.0024167*60) /(1(1.0024167)^60) = $45,814.52.
Monthly = P/t = 45814.52 / 60 = $763.58
Int. = P  Po =
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