Tetsuo has decided to purchase a new car. he decides to put 10% down and finance the remaining balance. the bank offers

tetsuo a 36 month loan at 6.71%. if the car is valued at $32,000, what will his monthly payments be?

a $983.93

c. $782.65

b. $885.45

d. $688.88

The monthly payments for 36 months for the loan amount is       $972.08   .  option (a)

Step-by-step explanation:

Given as :

The value of new car = $32,000

Tetsuo make a down payment of 10 %

So, The down payment amount = 10 % of $32,000 = $ 3200

∴ The rest amount on which he took loan = $32,000 - $3200 = $28,800

The time period of loan = 36 months = 3 years

The rate rate of interest = 6.71 %

Let the Amount after 3 years = A

From compounded method  

Amount = principal ×

or, A = $28,800 ×

Or, A = $28,800 × (1.0671)³

or, A = $28,800 × 1.2151 = $ 34994.88

So, The monthly payments for 36 months  =

                                                                       = $ 972.08

Hence The monthly payments for 36 months for the loan amount is  $ 972.08   Answer

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