P = r(PV)/(1 - (1 + r)-n) = 0.08(5000)/(1 - (1 + 0.08)-36) = $426.72
Amelia gets a loan from bank for a new car. She borrows $5,000 and gets a simple yearly interest for 8%. She pays it off in 3 years with 36 payments. What is her monthly payment?
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