SOLUTION: Brett borrowed $18,000 at 7.2% interest to buy a car. It is a 5-year loan. Find the monthly payments. (Round your final answer to two decimal places.)

Question 1131693: Brett borrowed $18,000 at 7.2% interest to buy a car. It is a 5-year loan. Find the monthly payments. (Round your final answer to two decimal places.)

Found 2 solutions by MathLover1, MathTherapy:
Answer by MathLover1(20849) (Show Source): You can put this solution on YOUR website!
Brett borrowed $ at % interest to buy a car. It is a -year loan.
Find the monthly payments. (Round your final answer to two decimal places.)

given:

%
years
=> months
first find total amount to be payed (principal and interest)
Equation:

First, converting r percent to r a decimal
per year
Solving our equation:

$
monthly payments:
divide total amount by the number of months
->.

Answer by MathTherapy(10551) (Show Source): You can put this solution on YOUR website!

Brett borrowed $18,000 at 7.2% interest to buy a car. It is a 5-year loan. Find the monthly payments. (Round your final answer to two decimal places.)

Correct answer:
Accept no other!!
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