Hunan bought a car priced at
$15,400
for 15% down and equal monthly payments for
four
years. If interest is
8 %
compounded monthly, what is the size of the monthly payment?
Monthly payment is calculated using the PMT function as follows:-
=PMT(rate,nper,pv)
=PMT(8%/12,4*12,15400*85%)
=319.57
Hunan bought a car priced at $15,400 for 15% down and equal monthly payments for four...
Hunan bought a car priced at $15,800 for 15% down and equal monthly payments for four years. If interest is 9% compounded monthly, what is the size of the monthly payment? The monthly payment is $___? (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimals places as needed.)
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