If you finance the cost of your car ($200,000) at 7.65% APR for 6 years, determine the monthly cost: r + 12, M = %3D (1 +2)" – 1 r M = monthly payment P = amount borrowed r= annual interest rate n = number of monthly payments

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter7: Percents
Section7.7: Simple And Compound Interest
Problem 16E
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If you finance the cost of your car ($200,000) at 7.65% APR for 6 years, determine the monthly
cost:
P(뉴) (1+)"
(1+2)" - 1
r
12.
M
12.
M = monthly payment
P = amount borrowed
r= annual interest rate
n = number of monthly
рayments
Transcribed Image Text:If you finance the cost of your car ($200,000) at 7.65% APR for 6 years, determine the monthly cost: P(뉴) (1+)" (1+2)" - 1 r 12. M 12. M = monthly payment P = amount borrowed r= annual interest rate n = number of monthly рayments
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