given a 60 month car loan at 4.71%, explain how much your monthly payments would be for a $18,400 car and what your TOTAL COST would be given that interest.

$23161.10

Step-by-step explanation:

Assuming this is compounded annually, we use our simple interest rate formula: A = P(1 + r)^t

Step 1: Convert months to years

60 months/12 month/year = 5 years

Step 2: Plug in known variables

A = 18400(1 + 0.0471)^5

Step 3: Solve

When you plug step 2 into your calc you should get 23161.1 as your answer. I am assuming that this isn't compounded quarterly or monthly, but just yearly.

step-by-step explanation:

ok so im not 100% sure but you would start by adding 5.1t and 1.9t beacuse they have the same variable. that is 7t.   then add -3.6 + 1.2 which is -2.4

so then keep that as -2.4 + 7t. i apologize if this is incorrect. best luck on your test < 3