Suppose that you borrow $11,000 for five years at 7% toward the purchase of a car. Use PMT= to find the monthly payments and the total interest for the loan. The monthly payment is $. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for the loan is $ (Use the answer from part (a) to find this answer. Round to the nearest cent as needed.) PA -nt se se se see see see
Suppose that you borrow $11,000 for five years at 7% toward the purchase of a car. Use PMT= to find the monthly payments and the total interest for the loan. The monthly payment is $. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for the loan is $ (Use the answer from part (a) to find this answer. Round to the nearest cent as needed.) PA -nt se se se see see see
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Answer both questions
![Suppose that you borrow $11,000 for five years at 7% toward the purchase of a car. Use the formula for PMT:
\[
\text{PMT} = \frac{P \left( \frac{r}{n} \right)}{1 - \left(1 + \frac{r}{n} \right)^{-nt}}
\]
to find the monthly payments and the total interest for the loan.
---
1. **The monthly payment is $[ \ \ ]**
(Do not round until the final answer. Then round to the nearest cent as needed.)
2. **The total interest for the loan is $[ \ \ ]**
(Use the answer from part (a) to find this answer. Round to the nearest cent as needed.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffebfc829-3adc-4601-a5b5-bd5b3e3c23b0%2F54282f76-8d58-4045-abf9-bf2ed5113877%2Foyk43hc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose that you borrow $11,000 for five years at 7% toward the purchase of a car. Use the formula for PMT:
\[
\text{PMT} = \frac{P \left( \frac{r}{n} \right)}{1 - \left(1 + \frac{r}{n} \right)^{-nt}}
\]
to find the monthly payments and the total interest for the loan.
---
1. **The monthly payment is $[ \ \ ]**
(Do not round until the final answer. Then round to the nearest cent as needed.)
2. **The total interest for the loan is $[ \ \ ]**
(Use the answer from part (a) to find this answer. Round to the nearest cent as needed.)
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