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Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742

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Section
BuyFindarrow_forward

Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742
Textbook Problem

APPLICATIONS

Financing a Car A woman wants to borrow $ 12 , 000 to buy a car. She wants to repay the loan by monthly installments for 4 y e a r s . If the interest rate on the loan is 10 1 2 % p e r y e a r , compounded monthly, what is the amount of each payment?

To determine

To find:

The amount of each payment made by the woman to repay the loan by monthly installments.

Explanation

Given:

Money that the woman wants to borrow (amount of the loan) is,

Ap=$12,000 for 4years.

The interest rate on the loan, compounded monthly is,

1012%peryear

Approach:

If a loan Ap is to be repaid in n regular equal payments with interest rate i per time period, then the size R of each payment is given by,

R=iAp1(1+i)n ... (1)

Calculation:

The amount of loan is given by,

Ap=$12000

The number of regular equal payments is given by,

n=4×12=48

The interest rate is given by,

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