Answered

Discover the answers to your questions at Westonci.ca, where experts share their knowledge and insights with you. Connect with a community of experts ready to help you find accurate solutions to your questions quickly and efficiently. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

You want to buy a $35,000 car. The company is offering a 3% interest rate for 36 months (3 years). What will your monthly payments be?

Sagot :

ⲊⲧɑⲅⲊⲏɑᴅⲟᏇ

[tex]\bigstar\boxed{\large\bf\purple{\leadsto \$3150}}[/tex]

__________________________________________

[tex]\large\sf{\underline{Given:}}[/tex]

  • ➠ Principal = $ 35000
  • ➠ Rate of interest = 3%
  • ➠ Time = 3 yrs (36 months)

[tex]\large\sf{\underline{Therefore:}}[/tex]

‎‎‎ ‎ ‎‎‎ ‎ ‎[tex]\sf{Simple\: interest = \left(\dfrac{P\times R\times T}{100}\right)}[/tex]

‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎[tex]\sf{\longrightarrow \left(\dfrac{35000\times 3\times 3}{100}\right)}[/tex]

‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎

‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎[tex]\sf{\longrightarrow \cancel{\dfrac{315000}{100}}}[/tex]

‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎

‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎[tex]\sf{\longrightarrow 3150}[/tex]

‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎

[tex]\large\sf{\underline{Your\: monthly\: payments\:will\:be\:\$3150}}[/tex] ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎

Answer:

Monthly Payment will be $3150

Step-by-step explanation:

Given :-

  • Principal :- $35000
  • Interest rate :- 3%
  • Time period :- 3 years

To find :-

  • Monthly Payment

Solution :-

Simple Interest :- P × R × T / 100

putting the known values ,

Simple Interest :- 35000×3×3/100

Therefore, Monthly Payment :- $3150

Thank you for your visit. We are dedicated to helping you find the information you need, whenever you need it. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.