Slyry2703 Slyry2703

09-12-2020
Mathematics

contestada

Jesse took out a $14,000 car loan for 5 years at a 7.2% interest rate. Find Jesse's total payment amount for this loan.

Respuesta :

amberlymacias3689 amberlymacias3689

09-12-2020

Answer:

16,712.38

Step-by-step explanation:

Periodic interest rate 7.2%/12 = 0.6%

First find the monthly payment

M = $14,000 * 0.006(1 +0.006)^60/(1+0.006)^60-1 = 278.54

The total payment is $278.54 * 60= $16,712.38

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