Suppose that you borrow $13,000 for three years at 5% toward the purchase of a car. use to find the monthly payments and the total interest for the loan.

PMT is 389.62

Total interest for the loan is $ 1026.32

Step-by-step explanation:

Given formula of monthly payment,

Where,

P = Present value of the loan,

r = annual rate of interest,

n = number of months in a year,

t = number of years,

Here, P = $13,000, n = 12 months, r = 5% = 0.05, and t = 3 years,

Hence, the monthly payment,

≈ 389.62,

Therefore,

The amount of total interest paid = PMT × nt - P

= 389.62 × 36 - 13000

= 14026.32 - 13000

= $ 1026.32

c. y = 1/4 x + 5

step-by-step explanation:

first, put the equation of the line on the graph into slope-intercept form

(y = mx + b):   y = -4x + 8

second, a perpendicular line has to have "an opposite/reciprocal slope" to the original slope. so, find the "m" value in your original equation (it's -4, right? )

original slope: m = -4   perpendicular slope: change the sign to its opposite and find the reciprocal ("flip" the number)

new slope is now positive (b/c the original slope was negative 4), and it's 1/4 (not the original slope of 4 or 4/1)

they charge the same amount at 20 minutes.

step-by-step explanation: