Question

Ma. Matsupelleta borrowed $12.800 at an APR of 8.00% for a car. she will make 36 monthly payments how much are her monthly payments?

Answer 1

First we have to find total amount for 36 months or 3 years
Amount = principle (1 + rate)^ no of years
i.e. A = p (1 + r)^n
A = 12800 (1 + 8%)^3
A = 12800 (1 + .08)^3
A = 12800 (1.08)^3
A = 12800 (1.259712)
A = 16,124.3136
divide said value by 36 you will get payment per month i.e.
16,124.3136/36 = $447.8976
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Answer 2

Monthly pymt = $401.11