SOLUTION: A. Find monthly payment for an automobile with suggested retail price of 19000, financed at the rate of 7.9%. B. If the car dealership require 5% down payment, find the monthly pay
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Question 932922: A. Find monthly payment for an automobile with suggested retail price of 19000, financed at the rate of 7.9%. B. If the car dealership require 5% down payment, find the monthly payment for the amount financed.
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!
M = P [ i(1 + i)^n ] / [ (1 + i)^n - 1]
P = 18,050, I = .079 per year, i(per month) = .079/12 = .00658
Need to know the 'n' the number of payments
M =
.........
For Ex: 5 years, n = 60 months
M = $365.13
........
re TY
$336000 at the finance rate of 4.9%. The Bank requires a down payment of 8%
P then is = 309,120
i = .049/12 = .004
NEED TO KNOW 'n' the number of payments. (12*years of the mortgage)
M =
for ex : 30years (n = 360 payments)
M = $2268.21
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