SOLUTION: You want to buy a car. The loan amount will be $29,000. The company is offering a 5% interest rate for 48 months (4 years). What will your monthly payments be?

SOLUTION: You want to buy a car. The loan amount will be $29,000. The company is offering a 5% interest rate for 48 months (4 years). What will your monthly payments be?

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Question 1122551: You want to buy a car. The loan amount will be $29,000. The company is offering a 5% interest rate for 48 months (4 years). What will your monthly payments be?
Answer by Alex.33(110) (Show Source): You can put this solution on YOUR website!
In 48 months, you'll additionally pay $29000*5%=$1450 to the original price.
So the monthly payment is (29000+1450)/48=634.375 dollars.
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