Questions: Suppose that you borrow 11,000 for three years at 6% toward the purchase of a car. Use PMT = P(r/n) / [1-(1+r/n)^(-nt)] to find the monthly payments and the total interest for the loan. The monthly payment is (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for the loan is (Use the answer from part (a) to find this answer. Round to the nearest cent as needed.)
![Suppose that you borrow 11,000 for three years at 6% toward the purchase of a car. Use PMT = P(r/n) / [1-(1+r/n)^(-nt)] to find the monthly payments and the total interest for the loan.
The monthly payment is
(Do not round until the final answer. Then round to the nearest cent as needed.)
The total interest for the loan is
(Use the answer from part (a) to find this answer. Round to the nearest cent as needed.)](https://thumbnail.justsolvely.com/seoQuestionThumb/4a89ec0d-793b-415f-8970-89437e9420e2.webp)
Transcript text: Suppose that you borrow $\$ 11,000$ for three years at $6 \%$ toward the purchase of a car. Use PMT $=\frac{P\left(\frac{r}{n}\right)}{\left[1-\left(1+\frac{r}{n}\right)^{-n t}\right]}$ to find the monthly payments and the total interest for the loan.
The monthly payment is $\$$ $\square$
(Do not round until the final answer. Then round to the nearest cent as needed.)
The total interest for the loan is \$ $\square$
(Use the answer from part (a) to find this answer. Round to the nearest cent as needed.)
Solution
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