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Over the course of 5 years, she will pay a total of ( calculate car loan

Banks provide an annual rate, but since Maya pays every month, she needs the . Formula : Calculation : , which is 0.0050.005 as a decimal. Step 3: Apply the Amortization Formula To find the exact monthly payment ( ), Maya uses the standard loan formula: Auto Loan & Car Payment Calculator | Estimate

). By subtracting her original $18,000 loan, she realizes she is paying to the bank for the privilege of borrowing the money. ✅ Answer but since Maya pays every month