You borrow $18,000 with a term of four years at an APR of 5% to buy a truck. What is your monthly payment? (Round your answer to the nearest cent.) What was the total interest?
Added by John S.
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The annual interest rate is 5%, so the monthly interest rate is 5% divided by 12 months, which is 0.05/12 = 0.00417. Show more…
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