Answer to Question #145157 in Financial Math for A

Question #145157
Hafiz wanted to buy a brand-new car. He could only afford to pay RM 5000 for a down payment and decided to take a loan to finance the balance of the 139770
1
Expert's answer
2020-11-22T13:48:37-0500

Then let the loan be for 4 years at an annual rate of 10 %

find the annual payment amount

"S=\\frac{L\\times i}{1-\\frac{1}{(1+i)^n}}=\\frac{139770\\times 0.1}{1-\\frac{1}{(1+0.1)^4}}=\\frac{13977}{0.316986545}=44093.35"

total loan amount:

"44093.35\\times4=176373.4"


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