Follow the steps above and find c, the total of the payments, and the monthly payment. choose the right answers. jane smart buys a new suv. the price, including tax, is $22,500.00. she finances the vehicle over 60 months after making a $2,000 down payment. the true annual interest rate is 12%. what are jane's monthly payments (principal plus interest)?

Jane's monthly payment is $455.6

Step-by-step explanation:

Given :

The price, including tax, of SUV is $22,500.00.

She finances the vehicle over 60 months after making a $2,000 down payment.

The true annual interest rate is 12%.

To Find : What are Jane's monthly payments

Solution :

Since we are given that he made a down payment of $2000

So, After making the down payment the amount becomes : 22500-2000

                                                                                                  =$20500

Now, Formula of monthly payment :

Monthly payment,  

Discount factor  

Where, Amount = $20500

Rate r= 12%=0.12

Now, substituting all the values we get,

Monthly payment,

Hence , Jane's monthly payment is $455.6

, and

for

step-by-step explanation:

we can analyze the pattern at which the terms increase. let us denote , , , so that we can call

note the following:

the pattern: to get the next term value, we just add the next term number (e.g. 1st, 2nd, to the previous term value (term values are the given numbers in the question, 1, 3, 6, 10, 15,

from , to get to , we add

from , to get to , we add

etc.

we need to form a recursive formula, a formula that has the next term as a function of the previous term. so a possible recursive formula can be

, and for