Suppose that you borrow $$9000$ for six years at $7\%$ toward the purchase of a car. Use PMT $=\frac{P(\frac{r}{n})}{[1-(1+\frac{r}{n}{)}^{-nt}]}$ to find interest for the loan.

The regular payment amount, $PMT,$ required to repay a loan of $P$ dollars paid $n$ times per year over $t$ years at an annua problem statement. Use the formula in the problem statement to find the monthly payment for the loan.

First determine the values of the variables in the equation.

$P=$$$9000$

$r=0\mathrm{.}07$

$n=12$

$t=6$

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