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Mike purchases a $22,000 car and plans to pay back the loan by making monthly payments over the course of 5 years. The interest rate is 3%. Compute Mike’s monthly payments using the amortization formula.
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Mike purchases a $22,000 car and plans to pay back the loan by making monthly payments over the course of 5 years. The interest rate is 3%. Compute Mike’s monthly payments using the amortization formula.

$383.09
$395.32
$427.91
$442.63

User Ash Belmokadem
by
4.0k points

1 Answer

5 votes
Answer:
the second one
$395.32
Mike purchases a $22,000 car and plans to pay back the loan by making monthly payments-example-1
User Dafi
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3.8k points
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