The formula for the cost of buying a car is: Cost= 12 x monthly payment + deposit Find the cost of a car when the monthly paymen
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Answer:
$1057.3
Step-by-step explanation:
First we'll find the Interest no. 1, which is simple interest, assuming the time 1 year:
S.I= PRT/100
S.I= 780*5.2*1/100
S.I=$40.56
Now we'll find interest no.2, which is compound interest, time is 6 years, Principal amount (780) will remain the same as well as the rate thus (putting in the formula of compound interest- annual- ):
A= $1057.3