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You want to buy a $34,000 car. The company is offering a 3% interest rate for 36 months. What will my monthly payments be?

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Answer to a math question You want to buy a $34,000 car. The company is offering a 3% interest rate for 36 months. What will my monthly payments be?

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Santino

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102 Answers

1. Calculate the monthly interest rate:

r = \frac{3\%}{12} = 0.0025

2. Substitute the values into the formula:

M = \frac{34,000 \times 0.0025 \times (1 + 0.0025)^{36}}{(1 + 0.0025)^{36} - 1}

3. Calculate the factor $(1 + 0.0025)^{36}$:

(1 + 0.0025)^{36} \approx 1.093443 \approx 1.093443

4. Substitute this value back into the equation:

M = \frac{34,000 \times 0.0025 \times 1.093443}{1.093443 - 1}

5. Simplify the calculation:

M = \frac{34,000 \times 0.0025 \times 1.093443}{0.093443}

6. Evaluate the expression to find the monthly payment:

M \approx \frac{92.07}{0.093443} \approx 988.76

7. Thus, the monthly payment is approximately:

M \approx 988.76

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You want to buy a $34,000 car. The company is offering a 3% interest rate for 36 months. What will my monthly payments be?

Answer to a math question You want to buy a $34,000 car. The company is offering a 3% interest rate for 36 months. What will my monthly payments be?

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