You borrow $6,730 to buy a car. the terms of the loan call for monthly payments for 5 years a rate of interest of 6 percent. what is the amount of each payment?

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01-03-2018
Mathematics

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You borrow $6,730 to buy a car. the terms of the loan call for monthly payments for 5 years a rate of interest of 6 percent. what is the amount of each payment?

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mathmate mathmate · Answer 1 · 2018-03-02T12:55:52+01:00

mathmate mathmate

02-03-2018

Loan amount, P=6730
interest, i = 0.06/12 = 0.005 per month
term, n=5 years = 60 months

Monthly payment,
A=[tex]\frac{P(i*(1+i)^n)}{(1+i)^n-1}[/tex]
[tex]=\frac{6730(.005*(1+.005)^{60})}{(1+.005)^{60}-1}[/tex]
=130.11 [to the nearest cent]

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