Questions: Suppose that you borrow 17,000 for four 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.)
![Suppose that you borrow 17,000 for four 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.)](https://thumbnail.justsolvely.com/seoQuestionThumb/983a5006-d383-4ac0-b23c-3956fb730c13.webp)
Transcript text: Suppose that you borrow $\$ 17,000$ for four 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.)
Solution
Was this solution helpful?
Answered
