You want to buy a new car. You can afford payments of $300 per month and can borrow the money at an interest rate of 5.2% compou
nded monthly for 5 years.
1 answer:
Answer:
$367.17
Step-by-step explanation:
we are find the cost of the car after 5 years
Using the compound interest formula;
A = P(1+r/n)^nt
Given
Principal P = $300
rate r = 5.2% = 0.052
Time t = 5years
Time of compounding n = 1/12 (monthly)
Substitute into the formula
A = 300(1+0.052(12))^5(1/12)
A = 300(1+0.624)^0.4167
A = 300(1.624)^0.4167
A = 300(1.2239)
A = 367.17
hence the amount of the car after 5years is $367.17
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