Answer:
I think the question is asking to find the monthly loan payment. Not sure how though. it says assume that you make a down payment of $2,000 and you finance the remainder with a 5-year loan at 6.9% APR. The car price is $15,057. there is a monthly payment per 100 chart. Which shows $2.24 for 5 years not sure how to show in the equation for this.
The monthly payment for the car loan for 5 years at 6.9% APR is $257.93.
The monthly payment refers to the amount paid per month to settle the loan within the loan period.
The monthly payment can be computed using an online finance calculator as follows:
Price of car = $15,057
Down payment = $2,000
Loan amount = $13,057 ($15,057 - $2,000)
APR = 6.9%
Payment period = 5 years
Results:
Monthly Payment: $257.93
Total of 60 Loan Payments = $15,475.80 ($257.93 x 60)
Total Loan Interest = $2,418.80
Total Cost (price, interest, tax, fees) = $17,475.80
What is the monthly payment?
Thus, the monthly payment for the car loan for 5 years at 6.9% APR is $257.93.
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