SOLUTION: Alice borrows $16,000 to buy a car. She pays 5.4% interest compounded monthly and the loan is for 2 years. Find the monthly payments. (Round your answer to two decimal places.)
$
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Question 1131689: Alice borrows $16,000 to buy a car. She pays 5.4% interest compounded monthly and the loan is for 2 years. Find the monthly payments. (Round your answer to two decimal places.)
$
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Principal*(r/n)=Payment (1-(1+(r/n))^-nt
16000*(.054/12)=payment(1-1+(.054/12))^24
72=P*(0.10215) and do without rounding until the end.
$704.81
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