Question

You want to buy a $ 16,249 car. The company is offering a 3.7 % interest rate for 61 months . What will your monthly payments be?$__________ (Round to 2 decimal places if necessary)

Answer 1

Hello! To solve this exercise, we have to use the formula below:

Compound Interest:

`A=P(1+(r)/(100))^t`

Let's replace with the values: