Select the correct answer. Taylor wants to purchase a car with an auto loan. He can get a 48-month loan from his bank that is compounded monthly at an annual Interest

rate of 7.996.

Suppose Taylor needs to obtain a loan for $19,076 to purchase the car.

Use the formula for the sum of a finite geometric series to determine Taylor's approximate monthly payment.

Fple)

P =

1- (1 + i)-

OA. Taylor's approximate monthly payment for the loan will be $458.35.

ОВ. Taylor's approximate monthly payment for the loan will be $413.22.

OC. Taylor's approximate monthly payment for the loan will be $546.90.

OD. Taylor's approximate monthly payment for the loan will be $464.81.

The exact monthly payment will be $465.66

From the given options: OD is the most closer

Step-by-step explanation:

We got the following situation:

We end up with the formula for the present value of an annuity.

PV  $ 19,076.00

time48

rate(0.07966 / 12 months) 0.006663333

C  $ 465.66509

Taylor’s approximate monthly payment for the loan will be $464.81.

Step-by-step explanation:

i think it's b

step-by-step explanation:

because the graph is 2 above (0,0)

answer: the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.

step-by-step explanation:

the given rate of interest i= 85%

in calculating the monthly payment for a loan with an interest rate compounded monthly, the value of the interest rate per period we use in the formula must be in decimal form.

to convert it in decimal, we divide it by 100, we get

hence, the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.