6.) You buy a car for $$ 12, 000$ on a simple interest loan at a rate of $6 %$ for 5 years. You will be financing the amount of car and interest. What is your monthly payment? Round to the nearest cent.
Answer:
7.) What is the total amount in an investment of $$ 3500$ that was compounded quarterly for 8 years at a rate of $5 %$ ? Round to the nearest cent.
Answer:
8.) What is the interest that was made on that account mentioned in \#7? Round to nearest cent.
Answer:
9.) A stereo is normally $$ 540$ , and today is on sale for $25 %$ off. How much do you save by buying it today? Round to the nearest cent.

Answer

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Answer

$1300.0$

Steps

Step 1 ：Calculate the monthly payment for a simple interest loan using the formula $PMT = \frac{P \cdot r \cdot t}{n} + \frac{P}{n}$

Step 2 ：Substitute the given values into the formula: $P = 12000$ , $r = 0.06$ , $t = 5$ , $n = 12$

Step 3 ：Calculate the monthly payment: $PMT = \frac{12000 \cdot 0.06 \cdot 5}{12} + \frac{12000}{12}$

Step 4 ：Simplify the calculation to find the monthly payment: $PMT = 1300.0$

Step 5 ： $1300.0$