Taneeka borrowed 12,000 for a car for 6 years at an apr of 7.25% her monthly payment will be $206.03 true or false

We have following formula to find the monthly payment

where P= monthly payment

          i= rate per period

          n= number of periods

          A= amount of Loan

In the given problem we have

A=12000

n= number of years  × 12 = 6×12= 72

Rate of interest =7.25%

=

i=0.006042

now we plug the values of i , n and A in the formula

P=$206.03

Hence this is true.

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