Mathematics, 02.07.2019 17:30 kleshead
Suppose that you decide to buy a car for $26,635, including taxes and license fees. you saved $8000 for a down payment and can get a five-year car loan at 6.39%. find the monthly payment and the total interest for the loan.
Answers: 1
![\text{PV of annuity}=P[\dfrac{1-(1+r)^{-n}}{r}]](/tpl/images/0043/3432/d31d5.png)
% monthly![\Rightarrow 18635=P[\dfrac{1-(1+\dfrac{0.0639}{12})^{-60}}{\dfrac{0.0639}{12}}]](/tpl/images/0043/3432/5b80e.png)
![\Rightarrow P=\dfrac{18635}{[\dfrac{1-(1.005325)^{-60}}{0.005325}]}](/tpl/images/0043/3432/e2e94.png)
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Suppose that you decide to buy a car for $26,635, including taxes and license fees. you saved $8000...
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