Kevin buys a motorcycle for $1

timer Asked: Nov 22nd, 2015

Question description

Kevin buys a motorcycle for $12000.00. The dealer is charging him an annual percentage rate of 10.75%.  If he pays off the loan in 120 months, what are his monthly payments?  What is the payment if he makes a $2600 down payment?  

I have attempted to solve this problem multiple times, and I am not even in the ballpark.  Can someone demonstrate the steps to solve this problem?

Tutor Answer

(Top Tutor) Studypool Tutor
School: New York University
Studypool has helped 1,244,100 students
flag Report DMCA
Similar Questions
Hot Questions
Related Tags

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors