Suppose that you borrow $17,000 for fourfour years at

6%

toward the purchase of a car. Use

PMT equals StartStartFraction Upper P left parenthesis StartFraction r Over n EndFraction right parenthesis OverOver left bracket 1 minus left parenthesis 1 plus StartFraction r Over n EndFraction right parenthesis Superscript negative nt right bracket EndEndFractionPMT=Prn1−1+rn−nt

to find the monthly payments and the total interest for the loan.

 

 

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Part 1

 

The monthly payment is

$enter your response here.

 

(Do not round until the final answer. Then round to the nearest cent as needed.)

 

Answer rating: 100% (QA)

To calculate the monthly payment for a loan of 17000 for four years at ... View the full answer