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1.)A new car is purchased and a $20,000 loan is taken. The loan is for 5 years (60 months) and the
interest rate is 7.9% compounded monthly. What is the monthly payment?

also questions 2-6 if you have the time

1A new car is purchased and a 20000 loan is taken The loan is for 5 years 60 months and the interest rate is 79 compounded monthly What is the monthly payment a class=

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chloeroebuck2021

Answer:

$131.67

Step-by-step explanation:

Compound interest formula

C.I. = P(1 + r/n)^nt - P

C.I. Compound Interest

P Principal Amount

A Total Accumulated Amount

r Rate of Interest

n Compounding Frequency Per Annum

t Time (in Years)

20000(1 + 0.079/12)^12*5 - 20000

20000(1 + 0.00658333)^60 - 20000

20131.6667 - 20000

131.6667 ~ 131.67

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