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19-04-2020
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You obtain a vehicle loan from the bank for $34,720 for a term of 4 years at an annual interest rate of 7.5%. Use the amortization formula or a TVM calculator to determine monthly payments.

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Sally2020 Sally2020

20-04-2020

Answer:

TVM=34,720*0.075/12 : [1-(1+0.075/12)^-48]

TVM=839.49

Explanation:

An=34,720

t=4 yrs , ---> n=48 (4*12)

j=7.5 %.---> i=0.075/12

m=12

* i=j/m

*n=mt

TVM=An*i : [1-(1+i)^-n]

TVM=34,720*0.075/12 : [1-(1+0.075/12)^-48]

TVM =839.49 (round two decimal)

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