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destineenikole175
27.10.2020 •
Business
g you have just taken out a 5 year car loan. The amount of the loan is $20,000 and the interest rate on the loan is 6% per year. What will be the amount of your monthly car loan payments
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Ответ:
Amount to be paid monthly for the period of 5 years is $446
Explanation:
Here, we want to calculate the amount to pay on the loan per year.
This is a case of a loan amount compounded yearly;
Loan amount = P( 1 + r)^t
r = 6% = 6/100 = 0.06
P is the amount borrowed = $20,000
t is the number of years = 5
So we have ;
A = 20,000( 1 + 0.06)^5
A = 20,000(1.06)^5
A = 26,764.5 which is approximately $26,765
This is the total amount to pay back
The number of months in 5 years is 5 * 12 = 60 months (12 months in a year)
So the amount to payback per month will be;
$26,765/60 = $446.083 which is approximately $446
Ответ:
(I thought it said work makes you free but same concepts)
This was used as a coverup for Jews thinking that they would be set free by working.