A salesperson buys a car to use in their job. They purchase the car for $35,756 with no money down. They pay for the car in 60 e
qual monthly payments with an annual interest rate of 7% compounded monthly. What is the salesperson's monthly payment
2 answers:
Answer:
Sales person monthly payment = $2554
Step-by-step explanation:
As we know that:
R= Regular fixed regular payment=?
S= Future amount = 35756
i= interest rate = 7% compounded monthly
n= number of periods during term of annuity = 60 monthly payments
solution:
S= R [ 1-(1+i)∧-n / i ]
35756 = R [ 1- (1+.07)∧-60 / .07
35756 = R (1-.0172)/.07
35756 = R (.9828/.07)
35756 = R * 14.04
R= 35756 /14.04
R = $ 2554
Answer:
1022.82 is salesperson's monthly payment.
Step-by-step explanation:
See the attached picture for detailed steps.
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So I would say A. Thanks for asking your question today and have a good day on Brainly.com! :)
