Business, 25.11.2021 14:10 0spholbrooks

Jack purchased a car for $22,000. The bank gave him an annual interest rate of 4. 3%. He will make monthly payments for 6 years (or 72 months). Jack followed these steps to determine his approximate monthly payments. Read through the steps, and then choose Jackâ€™s approximate monthly payment from the dropâ€down menu. 1. Calculate the interest rate per period. 0. 043 12 â‰ 0. 00358 2. Add 1 to the interest rate per period. 1 0. 00358 = 1. 00358 3. Raise the number calculated in step 2 to the negative power of the number of loan payments to be made, and then subtract this number from 1. 1. 00358-(12)(6) = 1. 00358-72 â‰ 0. 7731 1 â’ 0. 7731 = 0. 2269 4. Divide the interest rate per period by the number calculated in step 3. 0. 00358 0. 2269 â‰ 0. 0158 5. Multiply the quotient from step 4 by the principal. Jackâ€™s monthly payment â‰ Complete step 5 to determine Jack's monthly payment for the loan. Round to the nearest cent.

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Jack purchased a car for $22,000. The bank gave him an annual interest rate of 4. 3%. He will make m...

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