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Sagot :
Jacinda Herschel wants to buy a car this amount $15965.57 can borrow.
What is loan?
An amount of money borrowed by a person or business from a business, financial institution, or government is known as a loan.
Jacinda Herschel monthly saving (M) = $365.15
Term = 4 years loan
Interest rate = 4.65% or 0.0465
Number of months (n) = 4 years x 12
Calculation of number of month is = 48
Monthly interest rate (r) = 0.0465/12 = 0.003875
Loan amount formula as = [tex]M/r [1-(1 + r)^{-n}[/tex]
= [tex]$365.15/0.003875 [1-(1 + 0.003875)^{-48}[/tex]
[tex]= $365.15/0.003875 x (1-(1.003875)^{-48})[/tex]
= $365.15/0.003875 x [1 – 0.83057208775233]
= $365.15/0.003875 (0.16942791224767)
= $15965.57
As a result, $15965.57 is correct.
Learn more about on loan, here:
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