Question

You want to buy a car. The loan amount will be $18,000. The company is offering a 5% interest rate for 48 months (4 years). What will your monthly payments be?

Answer 1

393.5$

Explanation:

$18,000 -- car price

Total sum (105%) =
`(18000)/(100)`* 105%

Hence

`(18000/100*105)/(48)` = 393.5$