Mathematics, 03.07.2019 10:30 layah2k00
You want to buy a $33,000 car. the company is offering a 5% interest rate for 60 months (5 years). what will your monthly payments be?
Answers: 2
![\bf ~~~~~~~~~~~~ \textit{Amortized Loan Value} \\\\ pymt=P\left[ \cfrac{\frac{r}{n}}{1-\left( 1+ \frac{r}{n}\right)^{-nt}} \right]](/tpl/images/0046/0479/e1b49.png)
![\bf pymt=33000\left[ \cfrac{\frac{0.05}{12}}{1-\left( 1+ \frac{0.05}{12}\right)^{-12\cdot 5}} \right] \\\\\\ pymt=33000\left[ \cfrac{0.0041\overline{6}}{1-\left( 1+ 0.0041\overline{6}\right)^{-12\cdot 5}} \right] \\\\\\ pymt\approx 33000\left[ \cfrac{0.0041\overline{6}}{1-0.779} \right]\implies pymt\approx 33000\left[ \cfrac{0.0041\overline{6}}{0.22} \right] \\\\\\ pymt\approx 33000(0.01887)\implies pymt\approx 622.75](/tpl/images/0046/0479/c3ec6.png)
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You want to buy a $33,000 car. the company is offering a 5% interest rate for 60 months (5 years). w...
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