Monthly payments 2

Suppose you have selected a new car to purchase for $19,500. If we can finance the car over four years at an annual rate of 6.9% compounded monthly, how much will your monthly payments be?

Correct answer:

m =  466.0476 USD

Step-by-step explanation:

a=19500 USD p=6.9%=1006.9=0.069 y=12 m n=4 y=4 12=48 m  r=1+p/y=1+0.069/121.0058  b=1rn=11.0058480.2406  m=b(r1) a=0.2406(1.00581) 19500=466.0476 USD

Did you find an error or inaccuracy? Feel free to write us. Thank you!

Tips for related online calculators
Our percentage calculator will help you quickly calculate various typical tasks with percentages.
Do you want to convert time units like minutes to seconds?

You need to know the following knowledge to solve this word math problem:

Related math problems and questions: