Financial Series

[xmdd98]

A car is 49,800 and can be financed in 36 months, with a fee of 1,99% per month, with the first payment three months after the purchase. How much is going to be per month?

 

[Deleted member 4993]

A car is 49,800 and can be financed in 36 months, with a fee of 1,99% per month, with the first payment three months after the purchase. How much is going to be per month?

What are your thoughts?

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[stapel]

A car is 49,800 and can be financed in 36 months, with a fee of 1,99% per month, with the first payment three months after the purchase. How much is going to be per month?

A "fee" is generally a fixed-dollar amount. A percentage is generally an interest rate. Are you saying that the interest rate on the car loan is going to be 1.99%? When you say "per month", do you mean "compounded monthly" (which is probably illegal), or that the interest rate is annual but the payments are monthly?

What formulas, algorithms, or other methods did they give you for working this sort of homework problem? (Examples may be found here and here, for instance.) How far have you gotten in applying that information? Please be complete. Thank you!