Question: HELLO :), COULD SOMEONE PLEASEEE EXPLAIN ME HOW FROM (A/P, 0.3333%, 72) WE GET TO 0.015645. SAME FOR (A/P, 0.3333%, 72) GETTING 23.02835. I AM

HELLO :), COULD SOMEONE PLEASEEE EXPLAIN ME HOW FROM (A/P, 0.3333%, 72) WE GET TO 0.015645. SAME FOR (A/P, 0.3333%, 72) GETTING 23.02835. I AM HAVING A HARD TIME ON HOW TO GET THIS 2 NUMBERS. PLEASE, HELP ME! THANK YOU SO MUCH IN ADVANCE!!!

Mary Smith took a car loan of $35,000 to pay back in 72 monthly installments at an interest rate of 4%. Compute the loan balance immediately after the 48 th payment. $12,156 $12,610 $24,252 $17,500 i=4%=4/12=0.3333% per month t=72 months Monthly installment =35000(A/P,0.3333%,72)=350000.015645=547.57 Loan amount to be paid for 72-48 = 24 months =547.57(P/A,0.3333%,24)=547.5723.02835=12610 K

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