Question

You want to buy a $30,000 car. The company is offering a 3% interest rate for 36 months (3 years). What

will your monthly payments be?

Answer 1

Answer: 858.33

Explanation:

30000 times 1.03 (aka 3%) equals 30900

30900 divided by 36 equals 858.33

Answer 2

The monthly payments will be $75. I did this by doing 30000*.03*3=2700, and then doing 2700/36 to get 75