SOLUTION: Please help anyone, i'll be very grateful!! :c))))))
What is the monthly payment on a 5 year car loan for $14,000 at an annual interest rate of 12%?
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Question 347129: Please help anyone, i'll be very grateful!! :c))))))
What is the monthly payment on a 5 year car loan for $14,000 at an annual interest rate of 12%?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
The monthly payment, 
for a loan amount of 
for 
months at an interest rate of 
per month expressed as a decimal is given by:
^{-N}}P_o)
Remember, if the term of the loan is given as 
years, then 
. If the interest rate is given as 
per year, then 
. will be in the same currency units as
I'll leave you alone now to spend some quality time with your calculator. Write back with your answer and I'll check it.
John
My calculator said it, I believe it, that settles it
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