A car costs $25,000 plus $675 for tax, title, and license fees. Ari finances the car by putting down $2,500 in cash and taking out a 3-year loan at 4% annual simple interest. What will his monthly payments be

The automobile is $25,000 worth. Fees for tax, title, and license total 675. Consequently, the car's overall cost is $25675. He deposits 2,500 and provides the remaining funds.

This should also contain the tax, title, and license payments.

Thus, his financial commitment is 25,675 less 2,500, or 23,175. The loan's interest rate is compounded every month. This indicates that the interest rate is 4/12%, or.3333....%, every month.

To calculate the monthly payment, utilize an online time value of money calculator. You enter these details:

Your time periods are measured in months. The present value of the obligation is 23175, the future value is zero, the number of periods is 36 (3 years multiplied by 12 months), the payment amount is 0 or blank, and the interest rate is 4% per period divided by the number of periods in a year. The obligation is paid at the end of each period.

You will see a monthly payment of 684.22 when you click on "Payment."

To learn more about the online calculator refer here:

https://brainly.com/question/14586598

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