Question

Car price $118,191

Percent for car loan: 2.49%
36 months

Find monthly payment show work

Answer 1

3410.64

Explanation:

Gonna assume that the 2.49 is the APR

present value of the loan= present value of the payments

effective rate: .0249/12= .002075

x= payment

`118191=x(1-(1+.002075)^(-36))/(.002075)\\118191=34.6536494355x\\x=3410.63645317`