Phil can afford $200 a month for 5 years for a car

Ответ:

jelopez4

14.03.2022

$24,952.65

Step-by-step explanation:

Phil can afford $200 a month for 5 years for a car loan. if the interest rate is 7.5 percent.

Loan formula:

$E=\dfrac{P\cdot \frac{r}{n}}{1-(1+\frac{r}{n})^{-n\time t}}$

where,

P is loan amount, P=?

E is monthly payment, E=$500

n is payment mode, n=12

t is time, t=5 years

r is rate of interest, r = 0.075

Substitute the value into formula and solve for P

$500=\dfrac{P\cdot \frac{0.075}{12}}{1-(1+\frac{0.075}{12})^{-12\time 5}}$

$P=\frac{500\cdot\left(1-\left(1+\frac{0.075}{12}\right)^{-60}\right)}{\frac{0.075}{12}}$

P=24952.65

Hence, Phil can borrow to purchase a car be $24,952.65

0,0(0 оценок)