9. Suppose you take out a car loan for $9999 for 4 years at a 7.5% interest rate. What is your

monthly payment?

The monthly payment is $241.76.

Step-by-step explanation:

Given : Suppose you take out a car loan for $9999 for 4 years at a 7.5% interest rate.

To find : What is your monthly payment ?

Solution :

The formula to find monthly payment is  

Discount factor is

Substitute in the formula,

where, A is the amount A=$9999

r is the rate =7.5%=0.075

time t=4 years  

Time in months

Substitute all the values in the formula,

Therefore, the monthly payment is $241.76.

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