Suppose that you borrow $12,000 for three years at 5% toward the purchase of a car. Use PMT= to find the monthly payments and the total interest for the loan. ... The monthly payment is $ 359.64 (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for the loan is $947.04 (Use the answer from part (a) to find this answer. Round to the nearest cent as needed.) PH) nt
Suppose that you borrow $12,000 for three years at 5% toward the purchase of a car. Use PMT= to find the monthly payments and the total interest for the loan. ... The monthly payment is $ 359.64 (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for the loan is $947.04 (Use the answer from part (a) to find this answer. Round to the nearest cent as needed.) PH) nt
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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![Suppose that you borrow $12,000 for three years at 5% interest 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 **$359.64**.
(Do not round until the final answer. Then round to the nearest cent as needed.)
The total interest for the loan is **$947.04**.
(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%2F6030cbbc-dba6-4cc4-b2c7-5d66af95ec0b%2Fb21ac0b2-a4be-4661-a3a4-90263d250988%2Fpigrgk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose that you borrow $12,000 for three years at 5% interest 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 **$359.64**.
(Do not round until the final answer. Then round to the nearest cent as needed.)
The total interest for the loan is **$947.04**.
(Use the answer from part (a) to find this answer. Round to the nearest cent as needed.)
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