Sarah buys a car for $15,000 on January 1 using a three-year loan at 6% annual interest, compounded monthly. The loan must be paid off in equal monthly installments, paid at the end of each month. Determine her monthly payment. (Hint: Use the PMT function.)

$456.33

Explanation:

Loan Amount = $15,000

Down payment = $0

Annual Rate = 6%; Monthly rate = 6%/12 = 0.50%

Years = 3; No of month = 3*12 = 36

Monthly payment = PMT(Rate, N, -Loan)

Monthly payment = PMT(0.50%, 36, -15,000)

Monthly payment = $456.3290618

Monthly payment = $456.33

Thus, her monthly payment for the loan is $456.33

say it in english maybe we can

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.