Sue need to borrow $8000 to purchase a used car. The dealer arranges with a finance company to lend sue the money at 3.6% per year compounded monthly for 3 years. What is sue’s monthly payment be?

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Answer ASAP

Monthly payment is $247.53

Step-by-step explanation:

Firstly, we need to calculate the total amount to be paid back

we have this by calculating using the compound interest formula;

That will be;

A = P( 1 + r/n)^nt

where A is the amount to be paid back

P is the amount borrowed = $8,000

r is the interest rate = 3.6% = 3.6/100 = 0.036

n is the number of times we are compounding per year; since it is monthly, this is 12

t is the number of months which is 3

Substituting these values, we have

A = 8000( 1 + 0.036/12)^(12 * 3)

A = 8000(1 + 0.003)^36

A = 8000( 1.003)^36

A = $8,910.94

To know the monthly payment, we divide this by the number of months

That will be;

$8,910.94/36

= $247.53

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