document.write( "Question 1181740: You want to buy a $27,000 car. The company is offering a 2% interest rate for 48 months (4 years). What will your monthly payments be? \n" ); document.write( "
Algebra.Com's Answer #822403 by math_tutor2020(3817)\"\" \"About 
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\n" ); document.write( "@ikleyn is incorrect because simple interest is not involved. \r
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\n" ); document.write( "\n" ); document.write( "L = 27,000 = loan amount
\n" ); document.write( "i = interest rate per month = 0.02/12
\n" ); document.write( "n = number of months = 48\r
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\n" ); document.write( "\n" ); document.write( "P = monthly payment
\n" ); document.write( "P = (L*i)/( 1-(1+i)^(-n) )
\n" ); document.write( "P = (27,000*0.02/12)/( 1-(1+0.02/12)^(-48) )
\n" ); document.write( "P = 585.768338262178
\n" ); document.write( "P = 585.77\r
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\n" ); document.write( "\n" ); document.write( "You can use a calculator such as this one
\n" ); document.write( "https://www.calculator.net/loan-calculator.html
\n" ); document.write( "to confirm the answer.\r
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\n" ); document.write( "\n" ); document.write( "Answer: $585.77
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