Over the course of 5 years, she will pay a total of (
Maya had finally saved up for her dream commuter car, a reliable pre-owned sedan priced at . She had $4,000 in her savings account for a down payment, but she needed a loan for the rest. After visiting her local credit union, she was approved for a 5-year (60-month) loan at an annual interest rate (APR) of 6% . calculate car loan
Before signing the papers, Maya wanted to know exactly what her monthly "rent" for that money would be. Step 1: Determine the Loan Amount (Principal) Over the course of 5 years, she will
For an loan at 6% interest over 60 months , Maya's monthly car payment is $347.98 . Before signing the papers, Maya wanted to know
). By subtracting her original $18,000 loan, she realizes she is paying to the bank for the privilege of borrowing the money. ✅ Answer
M=Pr(1+r)n(1+r)n−1cap M equals cap P the fraction with numerator r open paren 1 plus r close paren to the n-th power and denominator open paren 1 plus r close paren to the n-th power minus 1 end-fraction (Principal) (Monthly Interest Rate) (Total number of months) Calculate : Multiply by : Divide by : Final Multiplier : The Result Maya’s monthly payment will be $347.98 .
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