document.write( "Question 936483: If you borrow $6500 to purchase a car at 7% interest over a four-year term, what is the total of your monthly payments over the term of the loan? \n" ); document.write( "

Algebra.Com's Answer #570140 by TimothyLamb(4379) $\"\"$ $\"About$

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compound-interest formula:
\n" ); document.write( "v = p( 1 + (r/n) )^(nt)
\n" ); document.write( "where:
\n" ); document.write( "v = final value
\n" ); document.write( "p = initial (principal) value
\n" ); document.write( "r = interest rate (as a decimal)
\n" ); document.write( "n = number of compounding periods per year
\n" ); document.write( "t = number of years
\n" ); document.write( "---
\n" ); document.write( "v = 6500*( 1 + (0.07/12) )^(12*4)
\n" ); document.write( "v = 8593.35
\n" ); document.write( "---
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