document.write( "Question 1200532: You want to buy a $13,000 car. The company is offering a 4% interest rate for 36 months (3 years). What will your monthly payments be? \n" ); document.write( "

Algebra.Com's Answer #834685 by Theo(13342) $\"\"$ $\"About$

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loan is for 13,000
\n" ); document.write( "interest rate per year compounded monthly = 4% / 12 = .333333333333% per month.
\n" ); document.write( "you pay interest on the remaining balance of the loan at the end of each month.
\n" ); document.write( "payments are made at the end of each month.
\n" ); document.write( "term of the loan is 36 months.
\n" ); document.write( "payment is 383.81 at the end of each month.
\n" ); document.write( "you can do this yourself, using the calcultor at https://www.algebra.com/tutors/faq.mpl
\n" ); document.write( "here are the results from using that calculator.
\n" ); document.write( "

\n" ); document.write( "the present value of the loan is positive, because that's money you received to pay fo the car.
\n" ); document.write( "the payments are negative because that's money you spend at the end of every month to pay off the loan.
\n" ); document.write( "the interest rate is 4% per year compounded monthly / 12 = .333333333333% per month.
\n" ); document.write( "term of the loan is 36 months.
\n" ); document.write( "payments are made at the end of each moonth. \n" ); document.write( "

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