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24 July, 07:50

Capital One is advertising a 60-month, 5.99% APR motorcycle loan. If you need to borrow$8000 to purchase your dream Harley Davidson, what will your monthly payment be?

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  1. 24 July, 10:25
    0
    R=154.66941

    Explanation:

    the payment will be made monthly so we need to convert the 5.99% APR in to moths

    Monthly Interest = 5.99%/12 = 0.499%

    Total payments = 60

    Amount Borrowed = $8000

    Rental = ?

    Using the annuity formula = P=R * (1 - (1+i) ^-n) / i

    So we have = 8000=R * (1 - (1+0.499%) ^-60) / 0.499%

    8000=R * (1-0.74181) / 0.499%

    8000=R * 0.25818 / 0.499%

    8000=R*51.72321

    R=8000/51.72321

    R=154.66941
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