math

Find the amount of interest and the monthly payment for the loan. Purchase a car for $42,600 at 2.9% add-on rate for 5 years. (Round your answers to the nearest cent.)
$ 1 interest
$ 2 per month

  1. 👍 0
  2. 👎 0
  3. 👁 52
  1. 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 =

    1. 👍 0
    2. 👎 0
    posted by Henry

Respond to this Question

First Name

Your Response

Similar Questions

  1. ALGEBRA

    Find the amount of interest and the monthly payment for the loan. Purchase a living room set for $3,800 at 12% add-on interest for 4 years. (Round your monthly payment to the nearest cent.) $ interest $ per month

    asked by Urgen please help on May 27, 2012
  2. ALGEBRA

    Find the amount of interest and the monthly payment for the loan. Purchase a living room set for $3,400 at 12% add-on interest for 4 years. (Round your monthly payment to the nearest cent.) interest-$192.00 per month -$12.33 is

    asked by MONICA on November 21, 2011
  3. College Math

    Find the amount of interest and the monthly payment for the loan. Purchase a living room set for $3,400 at 12% add-on interest for 5 years. (Round your monthly payment to the nearest cent.)

    asked by Jessica on August 25, 2012
  4. online

    Find the amount of interest and the monthly payment for the loan. Purchase a living room set for $3,800 at 12% add-on interest for 4 years. (Round your monthly payment to the nearest cent.)

    asked by Anonymous on February 3, 2012
  5. ALGEBRA

    Find the amount of interest and the monthly payment for the loan. Purchase a living room set for $3,800 at 12% add-on interest for 2 years. (Round your monthly payment to the nearest cent.)

    asked by Daniel on November 26, 2011
  6. algebra/math

    Find the amount of interest and the monthly payment for the loan. Purchase a car for $42,700 at 2.5% add-on rate for 5 years. (Round your answers to the nearest cent.) $ interest $ per month

    asked by apryl on September 3, 2011
  7. 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 =

    asked by Urgen please help on June 14, 2012
  8. ALGEBRA

    Find the amount of interest and the monthly payment for the loan. Purchase a car for $42,800 at 2.4% add-on rate for 5 years. (Round your answers to the nearest cent.) $ interest $ per month

    asked by Mike on May 2, 2012
  9. Algebra

    I am trying to work through this problem and am having trouble. Can someone tell me what the "w" stands for in the equation and walk me through the steps? Below is what I have so far. Suppose A is the amount borrowed, r is the

    asked by Shelly on July 30, 2009
  10. Algebra

    I am trying to work through this problem and am having trouble. Can someone tell me what the "w" stands for in the equation and walk me through the steps? Below is what I have so far. Suppose A is the amount borrowed, r is the

    asked by Shelly on July 30, 2009

More Similar Questions