Answer:
$403.15
Step-by-step explanation:
Principal loan amount is the total amount minus down-payment:
[tex]Principal=24000-1000\\\\=23000[/tex]
Knowing that [tex]n=12\times 6=72,P=23000, r=7.99\%/12=0.006658[/tex], the monthly payments can be calculated using the formula:
[tex]M=P[\frac{r(1+r)^n}{(1+r)^n-1}]\\\\=23000\frac{(0.006658(1.006658)^{72}}{1.006658^{72}-1}\\\\=403.15[/tex]
Hence, the monthly payment is $403.15
