Question

Sam purchases a car for $25,000, makes a down payment of 10%, and finances the rest with a 5-year car loan at an annual interest rate of 4.8% compounded monthly. What is the amount of his monthly loan payment?

Answer 1

@accebde may I see the answer choices ! because i'm getting 3176.6

Answer 2

THIS IS FOR REVIEW PLEASE HELP I have an oral exam at 12 and need these answered help please!!! :0
How do you define the appropriate quantities to model a situation or description?
How do you choose the level of accuracy given the limitations of a situation? THIS IS FOR REVIEW

Answer 3

@Tman2000 what class ?

Answer 4

Algebra

Answer 5

@Anonymous.
A. $469.49 B. $422.54 C. $516.67 D. $465.00

Answer 6

I tried solving it and the answer I get don't match your choices :( . Have you tried looking in the lesson ?

Answer 7

yeah, but i can't find it. thanks so much for trying to solve it!

Answer 8

@accebde here formula ive been using M=P(1+(r)/(n))^(n*t)

Answer 9

@Anonymous. 25,000=P(1+0.1/12)^60 is that right so far? do you know what p is?