You have decided to buy a car that costs $23,000. since you do not have a big down payment, the lender offers you a loan with an apr of 5.87 percent compounded monthly for 5 years with the first monthly payment due today. what is the amount of your loan payment?

Monthly payments=$513.72

Explanation:

The formula for calculating the compound interest is given as;

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

where;

A-Amount to be paid after a given period of time

P-Principal amount initially taken=$23,000

r-The annual interest rate=5.87%=5.87/100=0.0587

n-Number of times the interest is to be compounded per unit time=12

t-5

Replacing;

A=23000(1+0.0587/12)^(5×12)

A=23000(1.0049)^(5×12)

A=30,823.54

The total amount after 60 months or 5 years=$30,823.54

To meet the target of $30,823.54 in 5 years= Monthly payments=(30,823.54/60)=$513.72

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