Answer:
a) $225.29
Step-by-step explanation:
We are given
Adan has decided to purchase an $9000 car
he plans on putting 20% down toward the purchase
so,
loan amount = 80% of 9000
financing the rest at 7.9% interest rate for 3 years
so,
r=7.9%=0.079
now, we can find i
i=0.00658
t=3
we can use formula
now, we can plug values
now, we can simplify it
So,
His monthly payment is $225.2765