Respuesta :
Answer:
Monthly payment = 404.3
Explanation:
Given:
Amount(P) = $17,999
Interest rate(r) = 1.9% = 1.9/100 = 0.019
Number of years(n) = 4 Years
Computation of Total amount:
[tex]Total \ amount=P(1+r)^n\\ \\Total \ amount=17,999(1+0.019)^4\\\\Total \ amount=17,999(1.019)^4\\\\Total \ amount=17,999\times 1.078193587\\\\=19,406.4061[/tex]
Total amount paid = $19,406.4
Total number of months = 4 years × 12
=48 months
So , Monthly payment = $19,406.40/48
Monthly payment = $404.3
