you are renting a used car that cost 5,000. you want the car to be paid off in 1 1/2 years how much would you pay a month?
To calculate the monthly payment for the used car, we need to divide the total cost of the car ($5,000) by the number of months in 1 1/2 years (18 months).
So, the monthly payment would be:
$5,000 / 18 = $277.78 (rounded)
Therefore, you would need to pay approximately $277.78 per month to pay off the car in 1 1/2 years.
what's 277* 18.
277 multiplied by 18 is equal to 4,986.
To determine the monthly payment for a used car that costs $5,000 and you want to pay off in 1 1/2 years, follow these steps:
Step 1: Convert the 1 1/2 years into the number of months.
Multiply the number of years (1) by 12 and add the remaining 6 months. This gives us: 1 × 12 + 6 = 18 months.
Step 2: Divide the total cost of the car by the number of months to find the monthly payment amount.
Divide $5,000 by 18 months: $5,000 / 18 ≈ $277.78.
Therefore, the monthly payment for the used car would be approximately $277.78.
To calculate the monthly payment for a used car rental that costs $5,000 and needs to be paid off in 1 1/2 years (or 18 months), you need to consider the interest rate and any additional fees associated with the rental. If you have this information, you can follow these steps to calculate the monthly payment:
1. Determine the interest rate: Find out the interest rate associated with the used car rental. This information is usually provided by the rental company. Let's assume the interest rate is 5%.
2. Calculate the monthly interest rate: Convert the annual interest rate to a monthly interest rate by dividing it by 12. In this case, 5% divided by 12 equals 0.00417.
3. Determine the loan term: Convert the loan term from years to months. In this case, 1 1/2 years is equal to 18 months.
4. Use the loan formula: Use a loan formula to calculate the monthly payment. The formula is:
Monthly Payment = P * (r(1+r)^n) / ((1+r)^n - 1)
Where:
P = Loan amount (in this case, $5,000)
r = Monthly interest rate (in this case, 0.00417)
n = Total number of months (in this case, 18)
5. Plug the values into the formula: Substitute the values into the formula to find the monthly payment:
Monthly Payment = 5000 * (0.00417(1+0.00417)^18) / ((1+0.00417)^18 - 1)
6. Calculate the monthly payment: Use a calculator or perform the calculation to find the monthly payment.
Once you have performed the calculation, you will have the monthly payment amount. Keep in mind that this amount is an estimate and may vary slightly depending on the specific terms and conditions of the car rental agreement.