Question 1131693
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=5}}}years
=>{{{60}}} months

first find total amount to be payed (principal and interest)
Equation:

{{{A = P(1 + rt)}}}

First, converting r percent to r a decimal
{{{r = 7.2/100 = 0.072}}} per year 

Solving our equation:

{{{A = 18000(1 + (0.072 * 5)) = 24480}}}
${{{A = 24480.00}}}

monthly payments:

divide total amount by the number of months

{{{A/60=24480.00/60=408.00}}}->{{{408}}}.{{{00}}}