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Andy is buying a car. He negotiated a 7% on a £6500 car. He will pay the full balance in 12 equal monthly payments.
Calculate the amount paid each month.

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Answer:

  £562.42

Step-by-step explanation:

Payments on a loan of P at rate r for n months can be found from ...

  A = P(r/12)/(1 -(1 +r/12)^-n)

For r = .07 and n = 12, the payments on a £6500 loan will be ...

  A = £6500(.07/12)/(1 -(1 +.07/12)^-12) = £562.42

Andy will pay £562.42 each month.

Answer:

562.42 pm

Step-by-step explanation:

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