SOLUTION: 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?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: 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?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

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?
Answer by TimothyLamb(4379) About Me  (Show Source):
You can put this solution on YOUR website!
compound-interest formula:
v = p( 1 + (r/n) )^(nt)
where:
v = final value
p = initial (principal) value
r = interest rate (as a decimal)
n = number of compounding periods per year
t = number of years
---
v = 6500*( 1 + (0.07/12) )^(12*4)
v = 8593.35
---
Free algebra tutoring live chat:
https://sooeet.com/chat.php?gn=algebra
---
Solve and graph linear equations:
https://sooeet.com/math/linear-equation-solver.php
---
Solve quadratic equations with quadratic formula:
https://sooeet.com/math/quadratic-formula-solver.php
---
Solve systems of linear equations up to 6-equations 6-variables:
https://sooeet.com/math/system-of-linear-equations-solver.php
---