Question

Find the amount of interest and the monthly payment for the loan. Purchase a car for $42,600 at 2.7% add-on rate for 5 years. (Round your answers to the nearest cent.)

Answer 1

Apply the formula
\[
\frac{P r}{12
\left(1-\left(\frac{r}{12}+
1\right)^{-m}\right)}
\]
Where
P=42600
r=.027
m=60
You cam finish it now.

Answer 2

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