Alice borrows $18,000 to buy a car. She pays 6.8% interest compounded monthly and the loan is for 4 years. Find the monthly payments. (Round your answer to two decimal places.) $
Added by Marcia B.
Step 1
Since the annual interest rate is 6.8%, we can divide this by 12 to get the monthly interest rate: Monthly interest rate = 6.8% / 12 = 0.068 / 12 = 0.0056667 (rounded to 7 decimal places) Show more…
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