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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.) QLDC $ H W PA) n -nt 9

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.) QLDC $ H W PA) n -nt 9

Advanced Engineering Mathematics
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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1.5: Answer both questions
Suppose that you borrow $11,000 for five years at 7% toward the purchase of a car. Use the formula: \[ \text{PMT} = \frac{P \left( \frac{r}{n} \right)}{1 - \left( 1 + \frac{r}{n} \right)^{-nt}} \] to find the monthly payments and the total interest for the loan. --- 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.)
Transcribed Image Text:Suppose that you borrow $11,000 for five years at 7% toward the purchase of a car. Use the formula: \[ \text{PMT} = \frac{P \left( \frac{r}{n} \right)}{1 - \left( 1 + \frac{r}{n} \right)^{-nt}} \] to find the monthly payments and the total interest for the loan. --- 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.)
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