Homework Answers
PMT=$730
N= 5*12= 60 months
Rate= 10%/12 per month = 0.833333%
FV =0
Amount of loan can be calculated by using the following excel
formula:
=PV(rate,nper,pmt,fv)
=PV(10%/12,60,-730,0)
= $34,357.72
Value of car = Amount of loan + down payment
= $34357.72 + $830
= $35187.72
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