Sue need to borrow $8000 to purchase a used car. The dealer arranges with a finance company to lend sue the money at 3.6% per year compounded monthly for 3 years. What is sue’s monthly payment be?

Plz guys help me pass math

Question about financial application functions

Plz answer this last question on my test

Plz show all the working

God bless you brother or sister

Answer ASAP

The monthly payment is $247.53

Step-by-step explanation:

We need to firstly calculate the total amount to be paid

We have this by using the compound interest formula;

A = I ( 1 + r/n)^nt

A is the total amount to be paid back

I is the amount borrowed which is $8,000

r is the interest rate = 3.6% = 0.036

n is the number of times in a year = 12 (monthly)

t is the number of years = 3

Substituting these values ;

A = 8000(1 + 0.036/12)^(12 * 3)

A = 8000(1 + 0.003)^36

A = 8000(1.003)^36

A = 8,910.94

The monthly payment is this amount divided by the number of months in 3 years which is 36

We have this as;

8,910.94/36 = $247.53

the answer should be:

a. 3, 4, and 6

b. 18, 24, and 36

c. 4.8, 6.4, and 9.6

hope i

-lavira : )