You buy a car for $13,000 and take out a loan for the whole thing with no down payment. If the loan is paid over five years at 9%, what is the monthly payment?

Question

anonymous · Answer

Compound Interest Formula


 
P = principal amount (the initial amount you borrow or deposit)
r  = annual rate of interest (as a decimal)
t  = number of years the amount is deposited or borrowed for.
A = amount of money accumulated after n years, including interest.
n  =  number of times the interest is compounded per year

anonymous · Answer

A = P (1 + r/n)^ nt

anonymous · Answer

Hope it helps

wolf1728 · Answer

Actually, the loan payment formula is more complex than that and can be found here: http://1728.org/loanform.htm