document.write( "Question 38569: What monthly payment (to the nearest dollar) is required to pay off a $14000 car loan at 12% annual interest in 48 months? \n" ); document.write( "
Algebra.Com's Answer #24135 by josmiceli(19441)\"\" \"About 
You can put this solution on YOUR website!
What I come up with is
\n" ); document.write( "Annual Interest paid over 4 years (48 mos.) = Prt
\n" ); document.write( "P = principle
\n" ); document.write( "r = percentage rate
\n" ); document.write( "t = time (years)
\n" ); document.write( "I = 14000 * (.12) * 4
\n" ); document.write( "I = 6720 Interest paid in 4 years
\n" ); document.write( "If the interest payments are spread evenly over 4 years (48 mos.),
\n" ); document.write( "I(1 mo.) = 6720/48
\n" ); document.write( "I(1 mo.) = 140
\n" ); document.write( "The amount of the principle paid each month is
\n" ); document.write( "P(1 mo.) = 14000/48 = 291.67
\n" ); document.write( "I + P = $432 (to nearest dollar)
\n" ); document.write( "check
\n" ); document.write( "432 * (48) = 20736 (I + P paid in 48 mos.)
\n" ); document.write( "20736 - (I paid in 48 mos.) = P paid in 48 mos.
\n" ); document.write( "20736 - 6720 = 14016
\n" ); document.write( "(inaccuracy due to roundoff of answer) \n" ); document.write( "
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