Step 1
Given;
[tex]\begin{gathered} Price\text{ of car = \$22,000} \\ Interest\text{ rate=}\frac{4}{100}=0.04 \\ Time=\text{ 5 years=60 months} \end{gathered}[/tex]Required; To find your monthly payment
Step 2
State the monthly payment formula.
[tex]P_o=\frac{d(1-(1+\frac{r}{k})^{-kn})}{\frac{r}{k}}[/tex][tex]\begin{gathered} d=\text{ monthly payment} \\ 22000=\frac{d(1-(1+\frac{0.04}{12})^{-12(5)})}{\frac{0.04}{12}} \\ 22000=\frac{d(0.1809968963)}{\frac{1}{300}} \\ d=\text{ \$}405.16348 \\ d=\text{ \$405.16} \end{gathered}[/tex]Answer;
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