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Jimmy buys a car for 900,000.He pays a down payment of 80,000 and agrees that the balance will be paid within 5, years.If the payments are made at the end of each month and interest is 12% compounded monthly,how much is payment?​

Answer :

Babyherc2rgo
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900,000 -80,000= 820,000
820,000 divided by 60= 13,666.67 each month because 60 months in 5 years.
13,666.67•0.12=1,640
13,666.67+1,640= 15,306.67

Answer: $15,306.67 payment each month.

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