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The monthly payment for a $7000 car loan for 3 years at 5% interest is approximately $210.27.
To calculate the monthly payment, we can use the formula for calculating loan payments:
M = [P × r(1 + r)ⁿ]/[(1 + r)ⁿ - 1]
where M is the monthly payment, P is the principal amount (loan amount), r is the monthly interest rate, and n is the number of payments (loan term in months).
P = $7000
r = 5/(100 × 12) = 0.0042
n = 3 × 12 = 36
M = [7000 × 0.0042(1 + 0.0042)³⁶]/[(1 + 0.0042)³⁶ - 1]
M = $210.27.
Thus, the monthly payment for the car loan is approximately $210.27.
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