Mathematics, 25.01.2020 09:31 adrian08022
A$28,000 car loan is used to purchase a new car. the loan is for 6 years and has a 5.75% apr. use the amortization formula to determine the amount of the monthly payments.
Answers: 3
![\bf \qquad \qquad \textit{Amortized Loan Value} \\\\ pymt=P\left[ \cfrac{\frac{r}{n}}{1-\left( 1+ \frac{r}{n}\right)^{-nt}} \right]](/tpl/images/0470/4325/b386b.png)
![\bf \qquad \begin{cases} P= \begin{array}{llll} \textit{original amount}\\ \end{array}\to & \begin{array}{llll} 28,000 \end{array}\\ pymt=\textit{periodic payments}\\ r=rate\to 5.75\%\to \frac{5.75}{100}\to &0.0575\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{payments are monthly, thus} \end{array}\to &12\\ t=years\to &6 \end{cases} \\\\\\ pymt=28000\left[ \cfrac{\frac{0.0575}{12}}{1-\left( 1+ \frac{0.0575}{12}\right)^{-12\cdot 6}} \right]](/tpl/images/0470/4325/c415c.png)
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A$28,000 car loan is used to purchase a new car. the loan is for 6 years and has a 5.75% apr. use th...
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