Quantitative Reasoning

You must be logged in to reply to this topic.

  • Author
    Posts
  • #30108

    Ezra Halleck
    Participant

    30) Mary borrowed at 6.5% simple interest enough money to buy a used car costing $6200 including tax. If she plans to pay off the loan over 3 years, find her monthly payments.

    #30168

    Meizhu Deng
    Participant

    r=6.5%=0.065; t=3; p=6200
    A=p(1+r.t)=6200x(1+0.065×3)=7409
    her monthly payment=7409/3×12=7409/36=205.8055=205.8($)
    Mary’s monthly payment is $205.8

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.