Homework Answers
Cost of Car = $22,000
Down Payment = $3,000
Amount Financed = Cost of Car / Down Payment
Amount Financed = $22,000 - $3,000
Amount Financed = $19,000
Annual Interest Rate = 4.20%
Monthly Interest Rate = 0.35%
Time Period = 5 years or 60 months
$19,000 = Monthly Payment * PVIFA(0.35%, 60)
$19,000 = Monthly Payment * (1 - (1/1.0035)^60) / 0.0035
$19,000 = Monthly Payment * 54.03386
Monthly Payment = $351.63
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