You purchase a car $22,000. The interest rate is 5% and you decide to pay over a period of 5 years. What is your payment?
I = PRT
I = 22,000 * 0.05 * 5
I = 5,500
5,500 + 22,000 = 27,500
27,500 / 60 = 458.33 per month
I = 22,000 * 0.05 * 5
I = 5,500
5,500 + 22,000 = 27,500
27,500 / 60 = 458.33 per month