SOLUTION: 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 347161
:
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)
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The monthly payment,
for a loan amount of
for
months at an interest rate of
per month expressed as a decimal is given by:
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
