Question

Monthly loan payment

Price of car = $15,057
Down payment = $2,000
Loan amount = $13,057 ($15,057 - $2,000)
APR = 6.9%
Payment period = 5 years

How can I find the monthly loan payment? Please show all steps

Answer 1

$1163.16

Explanation:

1 year = 6.9%

6.9% = 0.069

Take 13057 times 0.069 = $900.933

So, the 6.9% in one year is $900.93

$13,057 + $900.93 = $13957.93

Then we take $13957.93 divided by 12 = $1163.16