You are borrowing $17,800 to buy a car. The terms of the loan call for monthly payments for 5 years at 8.6% interest. What is the amount of each payment?
Added by Lisa H.
Step 1
We can do this by dividing the annual interest rate by 12 (the number of months in a year). Monthly interest rate = 8.6% / 12 = 0.086 / 12 = 0.0071667 Show more…
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