SOLUTION: Brett borrowed $18,000 at 7.2% interest to buy a car. It is a 5-year loan. Find the monthly payments. (Round your final answer to two decimal places.)

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Question 1131693: Brett borrowed $18,000 at 7.2% interest to buy a car. It is a 5-year loan. Find the monthly payments. (Round your final answer to two decimal places.)

Found 2 solutions by MathLover1, MathTherapy:
Answer by MathLover1(20849) About Me  (Show Source):
You can put this solution on YOUR website!
Brett borrowed $18000 at 7.2% interest to buy a car. It is a 5-year loan.
Find the monthly payments. (Round your final answer to two decimal places.)

given:
P=18000
r=7.2%
t=5years
=>60 months
first find total amount to be payed (principal and interest)
Equation:
A+=+P%281+%2B+rt%29
First, converting r percent to r a decimal
r+=+7.2%2F100+=+0.072 per year
Solving our equation:
A+=+18000%281+%2B+%280.072+%2A+5%29%29+=+24480
$A+=+24480.00
monthly payments:
divide total amount by the number of months
A%2F60=24480.00%2F60=408.00->408.00

Answer by MathTherapy(10551) About Me  (Show Source):
You can put this solution on YOUR website!

Brett borrowed $18,000 at 7.2% interest to buy a car. It is a 5-year loan. Find the monthly payments. (Round your final answer to two decimal places.) 
Correct answer: highlight_green%28%22%24358.12%22%29

Accept no other!!