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?

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Question about financial application functions

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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

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