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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?
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5 votes
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?

User Piotr Sarnacki
by
6.4k points

1 Answer

3 votes

Answer:

393.5$

Explanation:

$18,000 -- car price

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

Hence


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

User Dirty Penguin
by
6.2k points
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