Chico is financing a car for $9,550 and an apr 8.9 percent for 3 years. what is his monthly payment if the monthly payment per $100 is $3.52?

Question

Akira Mckee

Business

22 August, 02:08

Chico is financing a car for $9,550 and an apr 8.9 percent for 3 years. what is his monthly payment if the monthly payment per $100 is $3.52?

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Answers (1)

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Jamarcus Weiss · Answer 1

Given:

Principal loan: 9,550

APR 8.9 Percent

Term: 3 years.

Monthly payment per 100 is 3.52.

8.9% / 100 = 0.089

(0.089 / 360) * 30 = 0.0074

0.0074 x 100% = 0.74% per month

3 years x 12 month/yr = 36 months

9,550 x 0.74% x 36 months = 2,544.12 interest

9,550 + 2,544.12 = 12,094.12 total cost of loan.

12,094.12 / 100 = 120.9412

120.9412 x 3.52 = 425.71 monthly payment