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If you take out a 3 year, $75,000 car loan that calls for monthly payments at an APR of 10%, what is your monthly payment? En
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Answer #1

monthly payment formula=  [P * r x (1+r)^n]/[((1+r)^n)-1]

P= Loan amount=$75000

r= interest rate per month=10%/12=0.833%

n=total number of periods=(3*12)=36

monthly payment=75000*0.833%*((1+0.833%)^36)/(((1+0.833%)^36)-1)=(625*1.348182)/0.348182=$2420.04

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