Respuesta :
Answer:
The monthly payment of Leo for the car loan for next four years is $759.5
Step-by-step explanation:
Given as :
The loan of the car = $9600
The rate of interest for first year = 0%
The next 4 years, the rate of interest = 3.9% compounded monthly
The amount paid for first year = $150 per months
I.e The amount paid for first month = $150 × 12 = $1800
Let The amount for next fours years = $A
Now, According to question
∵ For the first year $1800 is paid
So, The rest amount of loan = $9600 - $1800 = $7800
From compound interest
Amount = principal × [tex](1+\dfrac{\textrm rate}{12\times 100})^{\textrm 12\times time}[/tex]
Or, $A = $7800 × [tex](1+\dfrac{\textrm 3.9}{12\times 100})^{\textrm 12\times 4}[/tex]
Or, A = $7800 × [tex](1.00325)^{48}[/tex]
Or, A = $7800 × 1.1685
∴ A = $9114.3
So, The amount paid after 4 years = A = $9114.3
Or,The amount paid after 4 years as per months = [tex]\dfrac{9114.3}{12}[/tex]
Or,The amount paid after 4 years as per months = $759.5
Hence The monthly payment of Leo for the car loan for next four years is $759.5 Answer
Answer:
$175.77
Step-by-step explanation:
For the first year: $150*12= $1,800
$9,600-1,800= $7,800
Use the Monthly Payment Formula: M=(Pr(1+r)^n) / ((1+r)^n -1)
(7,800*(1+.039/12)^48) / (1+(.039/12)^48 -1)
=175.77
The answer above is incorrect lol
