Question

You took any loan of $9,015.20 to buy a car. The loan is to be paid back in 48 equal monthly payments how much is each payment round your answer to the nearest cent

Answer 1

The equal monthly payment during 48 hours for buying a car is US$ 187.82

Explanation:

Loan from the bank to buy a car = US$ 9.015.20

Period of time to pay back the loan = 48 months

Form of payment = Equal monthly payments

Monthly payment = Loan from the bank / Period of time

Monthly payment = 9,015.20 / 48

Monthly payment = US$ 187.82 (rounding to the nearest cent)

Each equal monthly payment during 48 months is US$ 187.82