SOLUTION: Use the Amortization Formula to compute
a monthly car payment if L = $26,750 financed
over 48 months at 3.60% interest rate.
Payment = Loan (x 1 - 1
Algebra.Com
Question 736940: Use the Amortization Formula to compute
a monthly car payment if L = $26,750 financed
over 48 months at 3.60% interest rate.
Payment = Loan (x 1 - 1
(1-(1+x)N)
Payment = L(x(1-1÷(1-(1+x)^N)))
Code for Symbols
r≡annual interest in decimal format
y≡number of payments to be made per year (integer)
N≡total number of payments to be made (integer)
L≡amount of Loan
x≡r÷y
()≡(parentheses)
^≡exponent caret
Answer by lynnlo(4176) (Show Source): You can put this solution on YOUR website!
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