Gerritt wants to buy a car that costs $30,000. The interest rate on his loan is 5.59 percent compounded monthly and the loan is for 7 years. What are his monthly payments

Using the formula to calculate the monthly payment: (rate*Present Value) /(1-(1+rate)^(-period). You can use excel to do the calculations with the function: PMT(rate;period;present value)

The amount will be US$ 1,694.57.

To do the calculation you have to remind that the rate must be in the same period, that means that if the interest is in a monthly period the period must be monthly too. In this case the period have to be 84 months (which is 7 years).

the answer to this question would be shared investment

this conflict is person vs. society

if you need further explanations, comment below!

hope this ! < 3