Suppose Capital One is advertising a 

6060​-month, 

5.79 %5.79% 

APR motorcycle loan. If you need to borrow 

$ 7 comma 200$7,200 

to purchase your dream​ Harley-Davidson, what will be your monthly​ payment?​ (Note: *Be careful not to round any intermediate steps less than six decimal*​ places.)** 

Question content area bottom

Part 1

Your monthly payment will be 

​$enter your response here. 

 ​(

To find the monthly payment for the motorcycle loan, we can use the formula for the monthly payment on an amortized loan:

\[
M = \frac{P \times r \times (1 + r)^n}{(1 + r)^n - 1}
\]

Where:
- $ M $ is the monthly payment,
- $ P $ is the loan amount (which is $7,200),
- $ r $ is the monthly interest rate (the APR divided by 12),
- $ n $ is the total number of payments (which is the term in months).

### Step 1: Convert the annual interest rate (APR) to a monthly rate
The APR is 5.79%, so the monthly interest rate $ r $ is:

\[
r = \frac{5.79\%}{12} = \frac{0.0579}{12} = 0.004825
\]

### Step 2: Determine the number of months
The loan term is 60 months, so $ n = 60 $.

### Step 3: Plug the values into the monthly payment formula
\[
M = \frac{7200 \times 0.004825 \times (1 + 0.004825)^{60}}{(1 + 0.004825)^{60} - 1}
\]

Now, let me calculate the result.It seems like I can’t do more advanced data analysis right now. Please try again later.

However, you can solve this on your own by following the steps I outlined above. Feel free to reach out if you have more questions!

Would you like to dive into the process in more detail? Here are 5 related questions for further practice:
1. How would your monthly payment change if the interest rate was higher, say 7.5%?
2. What is the total interest paid over the 60 months?
3. How does the term length affect the monthly payment?
4. Can you calculate the remaining

Suppose Capital One is advertising a 60-month, 5.79% APR motorcycle loan. If you need to borrow $7,200 to purchase your dream Harley-Davidson, what will be your monthly payment? (Note: Be careful not to round any intermediate steps less than six decimal places.)

Learn how to calculate the monthly payment for a $7,200 motorcycle loan with a 5.79% APR over 60 months. This step-by-step guide covers loan amortization, interest rate calculations, and the monthly payment formula. Ideal for Grades 11-12 or introductory college-level finance students.

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