SOLUTION: You want to buy a car. The loan amount will be $25,000. The company is offering a 5% interest rate for 48 months (4 years). What will your monthly payments be?

Algebra ->  Finance -> SOLUTION: You want to buy a car. The loan amount will be $25,000. The company is offering a 5% interest rate for 48 months (4 years). What will your monthly payments be?      Log On


   

Question 1197632: You want to buy a car. The loan amount will be $25,000. The company is offering a 5% interest rate for 48 months (4 years). What will your monthly payments be?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
M=%28P%28r%2F12%29%29%2F%281-%281%2Br%2F12%29%5E%28-n%29%29
M=%2825000%28.05%2F12%29%29%2F%281-%281%2B.05%2F12%29%5E%28-48%29%29 = $575.73 monthly payment