Whats greater 1.10% or 1.5%?
2 answers:
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Answer:
(A)
Step-by-step explanation:
Cost of car = $21,349
Down payment = $3000
Remaining amount left = $18,349
Monthly payments (A) = $352
n = Total periods = 5years = 5*12= 60
P(loan amount) = 18,349
r = rate of interest monthly = r/12
Using formula, A =
352 = [tex]\frac{18349\frac{r}{12} }{1-(1+\frac{r}{12})^{-60} }[/tex
= 0.059(approx)
Annual percentage rate = 5.9%