Westonci.ca is your go-to source for answers, with a community ready to provide accurate and timely information. Connect with a community of experts ready to provide precise solutions to your questions on our user-friendly Q&A platform. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.
Sagot :
Answer:
The monthly payment is approximately $2,356.89
Step-by-step explanation:
The list price of the car, P = $41,070
The interest rate payed, r = 5.09% compounded monthly
Therefore, the number of interest calculated per period, n = 1
The payment period, t = 5 years
The amount payed as sales tax = 5.86%
The amount paid as registration fee = $384
The amount paid as documentation fee = $89
The total amount to be paid, A = 41,070 + 41,070 × 0.0586 + 384 + 89 = 43,949.702
Therefore, the monthly payment, 'M', is given by the following formula;
[tex]M = \dfrac{P \cdot \left(\dfrac{r}{n} \right) \cdot \left(1+\dfrac{r}{n} \right)^{n \cdot t} }{\left(1+\dfrac{r}{n } \right)^{n \cdot t} - 1}[/tex]
Therefore, we get;
[tex]M = \dfrac{43,949.702\times \left(\dfrac{0.0509}{1} \right) \cdot \left(1+\dfrac{0.0509}{1} \right)^{1 \times 60} }{\left(1+\dfrac{0.0509}{1 } \right)^{1 \times 60} - 1} \approx 2,356.89[/tex]
The monthly payment, M ≈ $2,356.89.
Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.
