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1. Elissa is buying a new car. She has an excellent credit score of
822. She is able to get a low interest rate of 2.25% and will
have a down payment of $4,000 on a car that costs $19,500.
Calculate her monthly payments for a 5-year loan.

Respuesta :

semsee45

Answer:

$273.38 per month

Step-by-step explanation:

Monthly Payment Formula

[tex]\sf PMT=\dfrac{Pi(1+i)^n}{(1+i)^n-1}[/tex]

where:

  • PMT = monthly payment
  • P = loan amount
  • i = interest rate per month (in decimal form)
  • n = term of the loan (in months)

Given:

  • P = $19,500 - $4,000 = $15,500
  • i = 2.25% / 12 = 0.0225 / 12
  • n = 5 years = 60 months

[tex]\implies \sf PMT=\dfrac{15500 (\frac{0.0225}{12})(1+\frac{0.0225}{12})^{60}}{(1+\frac{0.0225}{12})^{60}-1}[/tex]

[tex]\implies \sf PMT=273.3788438[/tex]

[tex]\implies \sf PMT=\$273.38[/tex]

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