Question 1181740
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@ikleyn is incorrect because simple interest is not involved.  


L = 27,000 = loan amount
i = interest rate per month = 0.02/12
n = number of months = 48


P = monthly payment
P = (L*i)/( 1-(1+i)^(-n) )
P = (27,000*0.02/12)/( 1-(1+0.02/12)^(-48) )
P = 585.768338262178
P = 585.77


You can use a calculator such as this one
<a href = "https://www.calculator.net/loan-calculator.html">https://www.calculator.net/loan-calculator.html</a>
to confirm the answer.



Answer: $585.77
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