Question

Lisa borrowed $12,000 for four years at 8% toward the purchase of a car. Find the monthly payments for the amortized loan. (Do not round until the final answer. Then, round to the nearest cent.)

Answer 1

Monthly Payment:
= $12,000 * ( .08/12) / { 1 - [ 1+ ( .08/12)^ -48 ] }
= $ 292.96