You are buying your first car and need to borrow $16,000 over 5 years. If interest is 6%, what are your monthly payments

$309.32

Explanation:

The amount that you are to find is an annuity figure because it will be a constant payment. The present value of this annuity is $16,000.

As it is pad monthly, convert time and rate to monthly figures:

5 years = 5 * 12 = 60 months

6% = 6/12 = 0.5%

Present value of annuity = Annuity * ( 1 - (1 + r) ^ -n) / r

16,000 = Annuity * ( 1  - (1 + 0.5%)⁻⁶⁰) / 0.5%

16,000 = Annuity * 51.72556

Annuity = 16,000 / 51.72556

= $309.32

88 because 4 plus 4 equals 8. 40 plus 40 equals 80. 80 plus 8 equals 88

answer; measurable outcome;