Question

Amount Financed (m) = $500 Number of Payments per year (y) = 12 Number of Payments (n) = 12 APR (I) = 17%

Answer 1

Answer:

The answer is 45.6$

Step-by-step explanation:

First we need to find monthly interest:

i=I/12=%1.4

The formula for the monthly payment:

$c=m*(i*(1+i)^{12}/((1+i)^{12}-1))$

Where:

m=500

i=%1.4

c=45.6$

Answer 2

(0.17×500×13)÷(2×12)
=46.04