SOLUTION: You want to buy a $20,000 car. The company is offering a 5% interest rate for 60 months (5 years). What will your monthly payments be?
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Question 1054137: You want to buy a $20,000 car. The company is offering a 5% interest rate for 60 months (5 years). What will your monthly payments be? Found 2 solutions by Boreal, MathTherapy:Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! 20000=payment*{(1-r/n)^nt-1}/(r/n)
r/n=0.05/12
nt=5*12=60
20000=P(1.00416667)^60)-1)/0.0041667, multiply both sides by 0.00416667
83.33=P(0.2833)
P=$294.09
You can put this solution on YOUR website!
You want to buy a $20,000 car. The company is offering a 5% interest rate for 60 months (5 years). What will your monthly payments be?
