Answer:
A. $1103.80
Explanation:
You want the monthly payments on a $47,000 loan for 48 months at 6% per year.
Payment
The payment is given by the formula ...
A = P(r/12)/(1 -(1 +r/12)^(-n))
where P is the principal amount of the loan, r is the APR, and n is the number of months.
Your loan payment is ...
A = $47000(0.06/12)/(1 -(1 +0.06/12)^-48) ≈ $1103.80
The monthly payment is $1103.80.
__
Additional comment
Spreadsheets and numerous calculators and apps can figure this for you.
<95141404393>