Question 1119747
best to use a financial calculator for this.
i use <a href = "https://arachnoid.com/finance/" target = "_blank">https://arachnoid.com/finance/</a>>


down payment is 30% of 26,000 = 7,800.


what is being financed is 26,000 - 7,800 = 18,200.


payments are made at the end of each month for 60 months.
apr is 5% per year / 12 = .416667% per month.
present value is 18200.
future value is 0.


put these inputs in the calculator and solve for payment amount.


you will get 343.46 needs to be paid at the end of each month.


results of using the online calculator are shown below:


<img src = "http://theo.x10hosting.com/2018/071201.jpg" alt="$$$" >


answers to your questions:


a. Determine the down payment.


down payment is 30% of 26,000 = 7,800.


b. Determine the amount financed


amount financed is 26,000 minus 7,800 = 18,200.


c. Determine the finance charge


finance charge is 5% / 12 = .416666...% per momth.


d. Determine the monthly payment


monthly payment is $343.46 per month.