LOTS OF POINTS!! Claudia buys a new car for $11,000. She makes a down payment of $2,000 and the dealer gives her an add-on lo an, charging her an annual interest rate of 9.6%. If she takes out a 3 year loan, what will Claudia's monthly payments be?
1 answer:
Using the formula A=P*(r(1+r)^n)/((1+r)^n-1) Where A=monthly payment P=Loan amount =11,000-2,000= $9,000 r=annual interest rate/12 or interest rate per month =9.6/12 =0.8%=0.008 n= number of months 3 years=36 months A=9,000*(0.008(1+0.008)^36)/((1+0.008)^36-1) A=9,000*(0.010657)/(0.332229) A=$288.695A=$288.70
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