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You want to buy a $16,000 car. the company is offering a 5% interest rate for 48 months (4 years). what will your monthly payments be ?

You want to buy a $16,000 car. the company is offering a 5% interest rate for 48 months (4 years). what will your monthly payments be ?
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1 vote
you want to buy a $16,000 car. the company is offering a 5% interest rate for 48 months (4 years). what will your monthly payments be ?

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User Trevor North
by
8.5k points

2 Answers

3 votes
the equation would be y=16000(.05)^4

that would equal 0.1
answered
User Rene
by
7.9k points
3 votes
The monthly payment is $368.47.
you want to buy a $16,000 car. the company is offering a 5% interest rate for 48 months-example-1
answered
User Mkul
by
7.7k points
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