Respuesta :
Lucas wants to spend $5,800 on a secondhand automobile. His monthly payment will be $162.32 if he puts down $2,100 and finances the remaining amount for two years at 5%.
Total car cost = 5800
Down payment = 2100
Loan amount = 5800 - 2100
= 3700
Interest is the amount that is paid for utilizing someone else's funds. You earned $20 in interest on your savings account this year, as an example. The $2000 in interest you paid on your house loan this year is an example of interest.
Interest = 5/12
= 0.42%
Time = 24 mounts
The monthly payment is the sum that must be paid each month to cover the loan's whole balance. When a loan is taken out, not only the principle, or the original lent amount, but also the interest that accrues, must be returned.
Using financial calculators
PV = -3700
1/y = 0.42
M = 24
CPT PMT = 162.32
Monthly payment = $162.32
Lucas wants to buy a used car that will cost $5,800. How much will his monthly payment be if he puts $2,100 down and finances the remainder at 5% for two years?
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