Respuesta :

jushmk
Monthly payment amount is given by;
P = A*D --- A = Amount borrowed = $6,900, D = factor
That is,

D = [R/12]/[1-(1+R/12)^-12n] --- where R = 5.4% = 0.054, n = 5 years

Substituting;
D = [0.054/12]/[1-(1+0.054/12)^-12*5] = 0.0191

Therefore, monthly payment amount P is;
P = A*D = 6900*0.0191 = $131.48


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