Question

Amount Financed (m) = $500 Number of Payments per year (y) = 12 Number of Payments (n) = 12 APR (I) = 17%

c = $

Answer 1

(0.17×500×13)÷(2×12)
=46.04

Answer 2

The answer is 45.6$

Explanation:

First we need to find monthly interest:

i=I/12=%1.4

The formula for the monthly payment:

`c=m*(i*(1+i)^(12)/((1+i)^(12)-1))`

Where:

m=500

i=%1.4

c=45.6$