Question

Calculate the monthly payment for a 5-year car loan of $23,570 at 10.43% interest, compounded monthly. A. $247.44 b. $337.56 c. $433.88 d. $505.79 Please select the best answer from the choices provided A B C D

Answer 1

The answer is D on E2020!! I just took the test, you can trust this answer

Answer 2

Answer:

The correct answer is option D

Step-by-step explanation:

The total amount to be paid when interest is compounded monthly

$P(1 + \frac{r}{n})^{nt} \\= 23,570 (1 + \frac{\frac{10.43}{100} }{12})^{12 * 5} \\= 23, 570 * 1.68\\= 39597.6$

The amount to be paid per month

$= \frac{39597.6}{60} \\= 660$

The nearest answer to this value is option D