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wel
3 years ago
13

You borrow $8000 to buy a car, at an annual interest rate of 6%. Assume interest is compounded continuously. You make monthly pa

yments (approximate as continuous payments).
How much should you pay each month to pay off the loan in 3 years?
Business
1 answer:
hram777 [196]3 years ago
8 0

Answer:

We should pay $243.3 each month to pay of the loan.

Explanation

The present value of the loan is 8,000, the number of compounding periods are (3*12) =36 because payment is going to be made monthly for 3 years, the future value of the loan is 0 as there will be no lump sum payment at the end of the loan and equal payments each month, the monthly interest rate is 6%/12= 0.5%. We input these 4 values to find the monthly payment.

PV= 8,000

FV=0

N=36

I=0.5

Compute PMT= 243.3

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