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you borrow $2,000 to buy a new car at 12% interest how much are you monthly...

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Finance

you borrow $2,000 to buy a new car at 12% interest how much areyou monthly payments if you plan to pay the auto in three years

Answer & Explanation Solved by verified expert
3.8 Ratings (598 Votes)

Monthly payment [P×r×(1+r)^n]÷[(1+r)^n-1]
Here,
1 Interest rate per annum 12%
2 Number of years                                                                                  3
3 Number of compoundings per per annum                                                                                12
1÷3 Interest rate per period ( r) 1%
2×3 Number of periods (n) 36
Loan amount (P) $                                                                      2,000
Monthly payment $                          66.43
(2000×1%×(1+1%)^36)÷((1+1%)^36-1)

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Transcribed Image Text

you borrow $2,000 to buy a new car at 12% interest how much areyou monthly payments if you plan to pay the auto in three years

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