Your friend just purchased a new sports car for $32,000. He received $6,000 for his trade in and he used that money as a down payment for the new sports car. He financed the vehicle at 6.76% APR over 48 months. Determine the amount financed from the given information.
I have forgotten the Formula. That is all i need :D

Question

Your friend just purchased a new sports car for $32,000. He received $6,000 for his trade in and he used that money as a down payment for the new sports car. He financed the vehicle at 6.76% APR over 48 months.  Determine the amount financed from the given information.
I have forgotten the Formula. That is all i need :D

anonymous · Answer

@Hope_nicole :D

anonymous · Answer

All i need is the formula for it

anonymous · Answer

do you know what kind of equation you are looking for? like the name of it

anonymous · Answer

i believe it is APR...thats about it...this formula was explained ages ago. and my notebook is lost

anonymous · Answer

this is an APR equation:
i = 2 x n x I /( P(N + 1)) 
i is the APR 
n is the number of payment periods in one year 
I is the total financing charges (mostly interest) 
P is the principal (the amount borrowed), and 
N is the number of scheduled payments

anonymous · Answer

Thank you :) <3