If you finance the cost of your car ($200,000) at 6.9% APR for 3 years, determine the monthly cost: PG(1+ M =- 12. (1+2)" - 1 M = monthly payment %3D D. horre Ned

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter7: Percents
Section7.7: Simple And Compound Interest
Problem 16E
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If you finance the cost of your car ($200,000) at 6.9% APR for 3 years, determine the monthly cost:
P()(1+2)"
(1+2)" – 1
12.
M =
r
|
M = monthly payment
P = amount borrowed
r= annual interest rate
n = number of monthly
payments
Transcribed Image Text:If you finance the cost of your car ($200,000) at 6.9% APR for 3 years, determine the monthly cost: P()(1+2)" (1+2)" – 1 12. M = r | M = monthly payment P = amount borrowed r= annual interest rate n = number of monthly payments
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