Answered

Looking for reliable answers? Westonci.ca is the ultimate Q&A platform where experts share their knowledge on various topics. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.

You want to buy a new sports coupe for $91,500, and the finance office at the dealership has quoted you an APR of 7.3 percent for a 72 month loan to buy the car. a. What will your monthly payments be

Sagot :

Answer: $1573

Explanation:

The information given above can be processed further as follows:

Nper = 72

Rate = 7.3%/12 = 0.073/12 = 0.0060833 = 0.0061

PV = 91500

The formula to use will be:

= PV ÷ 1 - (1 - r)^-nper / r

= 91500 ÷ 1 - (1 0.0061)^-72 / 0.0061

= $1573

Therefore, monthly payments will be $1573

Thanks for stopping by. We are committed to providing the best answers for all your questions. See you again soon. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.