At Westonci.ca, we make it easy to get the answers you need from a community of informed and experienced contributors. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.

Jimmy buys a car for 900,000.He pays a down payment of 80,000 and agrees that the balance will be paid within 5, years.If the payments are made at the end of each month and interest is 12% compounded monthly,how much is payment?​

Sagot :

Plz mark brainliest if correct

900,000 -80,000= 820,000
820,000 divided by 60= 13,666.67 each month because 60 months in 5 years.
13,666.67•0.12=1,640
13,666.67+1,640= 15,306.67

Answer: $15,306.67 payment each month.