1 Answer

Kotte · Answer 1 · 2021-10-08T01:45:14+0000

Answer:

(Use the attached formula)

24,000 for 4 years (48 months) at 2.75% interest

We divide rate by 1,200 which equals 0.0022916667

Monthly Payment = 0.0022916667 + {(0.0022916667 / [(1.0022916667)^48 -1]} * 24,000

Monthly Payment = 0.0022916667 + (0.0022916667 / (1.1161375981 -1) * 24,000

Monthly Payment = [0.0022916667 + (0.0022916667 / 0.1161375981 ] * 24,000

Monthly Payment = [0.0022916667 + 0.0197323411 ] *24,000

Monthly Payment = 0.0220240078 * 24,000

Monthly Payment = 528.5761872 = 528.58 (rounded)

Explanation:

Please log in or register to add a comment.