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Amelia bought her first car! The car had a list price of $23,499. She was also responsible for 7% sales tax, a $2,045 vehicle registration fee, and a $275 documentation fee. Amelia’s financing has an interest rate of 5.05%, compounded monthly, and a duration of 5 years. She pays $5,000 for a down payment. How much is her monthly payment?






A. about $425












B.about $520






C. None of the above.

Respuesta :

Answer:

A

Explanation:

The dude who said C is incorrect, its A.

Her monthly payment is A. about $425

What Is an Interest Rate?

The interest rate is the amount a lender charges a borrower and is a percentage of the principal—the amount loaned. The interest rate on a loan is typically noted on an annual basis known as the annual percentage rate (APR).

How does an interest rate work?

In the case of money you own, such as a savings account, interest is the amount you earn when you let someone else use or hold your funds. For example, if you borrow $5,000 at a simple interest rate of 3% for five years, you'll pay a total of $750 in interest. The formula for simple interest is A = P (1 + rt).

To learn more about The interest rate, refer

https://brainly.com/question/27095960

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