Respuesta :
Answer:
$568.75
Step-by-step explanation:
Monthly payment = annual payment / 12
Annual payment = amount borrowed x time x APR
$26,000 X 0.0525 X 5 = $6825
Monthly payment = $6825 / 12 = $568.75
The monthly payment is $568.75 for 5 years at an Annual Percentage Rate (APR) of 5.25%.
The amount borrowed for a car is $26,000.
The time period is 5 years.
The Annual Percentage Rate (APR) is 5.25%.
What is APR?
The Annual Percentage Rate (APR) is the cost you pay each year to borrow money, including fees, expressed as a percentage.
Monthly payment = annual payment / 12
Annual payment = amount borrowed x time x APR
Annual payment =$26,000 X 0.0525 X 5
Annual payment = $6825
Monthly payment = $6825 / 12
= $568.75
Hence, the monthly payment is $568.75.
Learn more about Annual Percentage Rate here:
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