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LOTS OF POINTS!! Claudia buys a new car for ​$11,000. She makes a down payment of ​$2,000 and the dealer gives her an​ add-on loan, charging her an annual interest rate of 9.6​%. If she takes out a 3 year ​loan, what will Claudia​'s monthly payments​ be?

Respuesta :

Using the formula 
A=P*(r(1+r)^n)/((1+r)^n-1)
Where 
A=monthly payment
P=Loan amount  =11,000-2,000= $9,000
r=annual interest rate/12 or interest rate per month  =9.6/12  =0.8%=0.008
n= number of months  3 years=36 months

A=9,000*(0.008(1+0.008)^36)/((1+0.008)^36-1)
A=9,000*(0.010657)/(0.332229)
A=$288.695
A=$288.70

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