6. Monthly payments A used car is purchased and a $10,000 loan is taken. The loan is for 3 years (36 months) and the interest rate is 8% compounded monthly. What is the monthly payment?
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We can do this by dividing the annual interest rate (8%) by 12 (the number of months in a year): 8% / 12 = 0.00667 (rounded to 5 decimal places) Show more…
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