SOLUTION: Sydney is buying a car and needs to take out a loan for
$
2
3
,
5
0
0
$23,500. The bank is offering a monthly interest rate of 0.5%, for a 5 year loan. Using the formula b
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-> SOLUTION: Sydney is buying a car and needs to take out a loan for
$
2
3
,
5
0
0
$23,500. The bank is offering a monthly interest rate of 0.5%, for a 5 year loan. Using the formula b
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Question 1112520: Sydney is buying a car and needs to take out a loan for
$
2
3
,
5
0
0
$23,500. The bank is offering a monthly interest rate of 0.5%, for a 5 year loan. Using the formula below, determine her monthly payment, to the nearest dollar.
M
=
P
r
(
1
+
r
)
n
(
1
+
r
)
n
−
1
M=
(1+r)
n
−1
Pr(1+r)
n
M
=
M= the monthly payment
P
=
P= the amount borrowed
r
=
r= the interest rate per month
n
=
n= the number of payments
