Question

3. ALGEBRA Marcy Wolfe needs an installment loan of $18,500 to purchase a new automobile. The anual percentage rate is 9%. She has to repay the loan in 48 months. Whats the monthly payment? Find the total amount repaid. Find the finance charge.

Answer 1

So you want to add 18500+9%=20,165 and then divide 20165 by 48 and you get 420.10

Answer 2

The answer is 420.10

Explanation:

From the Given Question, let us recall our values.

Marcy Wolfe needs an installment loan of =18,500 for the purchase of a new automobile.

The annual percentage rate = 9%

A repayment loan to be maid in = 48 months.

Now, let find the total amount repaid,

Thus,

The first step is to add the installment loan with the percentage rate

which is,

18500+9%=20,165

Then we divide the current amount by 48 months,

20165/48 = 420.10