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3 years ago

taneeka borrowed 12,000 for a car for 6 years at an APR of 7.25% her monthly payment will be $206.03 true or false

Business

1 answer:

GalinKa [24]3 years ago

8 0

Answer:

The actual monthly payment is $206.08, which is slightly higher than the value given in the question, therefore, the given statement is not true.

Step by Step Explanation:

We have been given the loan amount as $12,000, term of loan as 6 years and annual interest rate as 7.25%.

Let us first find the monthly payment for this data, and then we can compare it with the given data to answer the given question.

We know that EMI formula is given as $C=\frac{P\cdot r\cdot (1+r)^{n}}{(1+r)^{n}-1}$

Upon substituting the given values.

$C=\frac{12000\cdot \frac{0.0725}{12}\cdot (1+\frac{0.0725}{12})^{72}}{(1+\frac{0.0725}{12})^{72}-1}\\C=\frac{12000\cdot 0.0060416666\cdot (1+0.0060416666)^{72}}{(1+0.0060416666)^{72}-1}\\C=\frac{12000\cdot 0.0060416666\cdot (1.0060416666)^{72}}{(1.0060416666)^{72}-1}\\C=206.076\\$

Therefore, the monthly payment is $206.08.

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2 years ago

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1 year ago

On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $14,000. Jarden prepares a sche

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Answer and Explanation:

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