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You want to buy a $35,000 car. The company is offering a 3% interest rate for 36 months (3 years). What will your monthly payments be?

Sagot :

ⲊⲧɑⲅⲊⲏɑᴅⲟᏇidn

[tex]\bigstar\boxed{\large\bf\purple{\leadsto \$3150}}[/tex]

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[tex]\large\sf{\underline{Given:}}[/tex]

  • ➠ Principal = $ 35000
  • ➠ Rate of interest = 3%
  • ➠ Time = 3 yrs (36 months)

[tex]\large\sf{\underline{Therefore:}}[/tex]

‎‎‎ ‎ ‎‎‎ ‎ ‎[tex]\sf{Simple\: interest = \left(\dfrac{P\times R\times T}{100}\right)}[/tex]

‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎[tex]\sf{\longrightarrow \left(\dfrac{35000\times 3\times 3}{100}\right)}[/tex]

‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎

‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎[tex]\sf{\longrightarrow \cancel{\dfrac{315000}{100}}}[/tex]

‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎

‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎[tex]\sf{\longrightarrow 3150}[/tex]

‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎

[tex]\large\sf{\underline{Your\: monthly\: payments\:will\:be\:\$3150}}[/tex] ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎‎‎ ‎ ‎

Answer:

Monthly Payment will be $3150

Step-by-step explanation:

Given :-

  • Principal :- $35000
  • Interest rate :- 3%
  • Time period :- 3 years

To find :-

  • Monthly Payment

Solution :-

Simple Interest :- P × R × T / 100

putting the known values ,

Simple Interest :- 35000×3×3/100

Therefore, Monthly Payment :- $3150

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