You want to buy a new sports car for $55,000. The contract is in the form of a 60-month “annuity” at a 6 percent APR, compounded monthly. What will your monthly payment be? (Show work)
$1,072.11
$1,047.90
$1,063.30
$1,053.87
$1,067.13
Monthly Payment = Loan Amount / PVAF(r%, n)
PVAF = Sum PVF
PVF(r%, n) = 1/(1+r)^n
Monthly Payment = Loan Amount / PVAF(r%, n)
= $ 55,000 / PVAF(0.5%,60)
= $ 55,000 / 51.7256
= $ 1063.30
OPtion C is correct.
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