Answer:
$245.63
Step-by-step explanation:
The amortization formula is used for the purpose:
A = P(r/12)/(1 -(1 +r/12)^(-12t))
where A is the monthly payment, P is the amount financed, r is the annual interest rate, and t is the number of years.
Filling in the given numbers, we have ...
A = $10,500(0.058/12)/(1 -(1 +0.058/12)^(-12·4)) ≈ $245.63
Tiffany's monthly payment is $245.63.
Answer:
$245.63
Step-by-step explanation:
The amortization formula is used for the purpose:
A = P(r/12)/(1 -(1 +r/12)^(-12t))
where A is the monthly payment, P is the amount financed, r is the annual interest rate, and t is the number of years.
Filling in the given numbers, we have ...
A = $10,500(0.058/12)/(1 -(1 +0.058/12)^(-12·4)) ≈ $245.63
Tiffany's monthly payment is $245.63.
