Project Banker's Day

Question $10$

$5$ pts

$6$

Details

Michaela wants to buy a car. Your bank can lend her $$11,000$ at $1\mathrm{.}6\%$ for $36$ months. Michaela needs to know how much her monthly payment will be$.$

a$)$ Which formula is appropriate for this scenario?

Simple Interest $I=P_0$ rt

Compound Interest $P_N=P_0(1+\frac{r}{k}{)}^{N*k}$

Savings Annuity