Question

sarah is taking out 14000 four year new car loan with an apr of 6.75% what is the monthly payment for this loan

Answer 1

Monthly payment = $18325.6

Explanation:

From the question,

P = 14000

t = 4 years

R = 6.75%

To calculate the monthly payment for this loan, let's use the below formula

Amount = P( 1 + 6.75%/12)^4×12

Amount = 14000(1.005625)^48

Amount = 18325.633 dollars

Monthly payment = $18325.6