Question

For a 5 year car loan of $10000 at 7.5% what is the monthly payment?

Answer 1

Step-by-step explanation:

Turn 10000 and 7.5% into a fraction.

(10000/1) (7.5/100)

Multiply both fractions:

$\frac{10000}{1} \times \frac{7.5}{100} = \frac{75000}{100}$

Simplify. Divide both the numerator and denominator by 100:

$\frac{75000 \div 100}{100 \div 100} = \frac{750}{1}$

The monthly payment is $750.