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Find the amount of interest and the monthly payment for the loan. Purchase a car for $42,400 at 2.4% add-on rate for 5 years. (Round your answers to the nearest cent.)
$_____ interest
$_____ per month

  • Math -

    PV (Present Valve)=42400
    Interest(i)= 2.4%
    Number of years (n)=5
    FV (Future value)=?

    FV=PV*(1+i) power n
    FV=42400 * (1+2.4) power 5
    =

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