After making a $1500 down payment on a truck, you paid $210 per month for 36 months for a loan. The interest rate for the loan was 10.5% compounded monthly.
a. what is the amount of the loan?
b. what was the original cost of the truck?
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- After Making A $1500 Down Payment On A Truck, You Paid $210 Per Month For 36 Months For A Loan.?
After Making A $1500 Down Payment On A Truck, You Paid $210 Per Month For 36 Months For A Loan.?
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a) Loan = 210 * (1 – (1 + .105/12)^-36) / (.105/12)
b) Add 1500 to the amount in a