I need help with this is dont really understand it
1 answer:
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Answer:
The monthly payment is $241.76.
Step-by-step explanation:
Given : Suppose you take out a car loan for $9999 for 4 years at a 7.5% interest rate.
To find : What is your monthly payment ?
Solution :
The formula to find monthly payment is
Discount factor is
Substitute in the formula,
where, A is the amount A=$9999
r is the rate =7.5%=0.075
time t=4 years
Time in months
Substitute all the values in the formula,
Therefore, the monthly payment is $241.76.