Question

Find the monthly payment for the loan.

Purchase Price $3700 Down Payment $700 Finance Charge $290​ # of Monthly Payments 24​

Answer 1

ANSWER -

To find the monthly payment for the loan, we can use the formula for calculating the monthly payment of a loan, which is:

Monthly Payment = (P - D + F) / n

where P is the purchase price, D is the down payment, F is the finance charge, and n is the number of monthly payments.

Plugging in the given values, we get:

Monthly Payment = (3700 - 700 + 290) / 24
Monthly Payment = 3290 / 24
Monthly Payment = $137.08 (rounded to the nearest cent)