Mathematics, 18.03.2020 18:32 nayellisoto15
4. For graduation, Diamond was able to buy her first car for $24,000. Her parents gave her a present and made a
$1,000 down payment to help. She was given a 7.99% interest rate for 6 years. How much is her monthly
payment?
Answers: 3
, the monthly payments can be calculated using the formula:![M=P[\frac{r(1+r)^n}{(1+r)^n-1}]\\\\=23000\frac{(0.006658(1.006658)^{72}}{1.006658^{72}-1}\\\\=403.15](/tpl/images/0552/3161/4f9d6.png)
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