Your bank offers you a 48-month, 3% APR car loan for a $56000 new Mercedes SLK300...

Question

Question

Your bank offers you a 48-month, 3% APR car loan for a $56000 new Mercedes SLK300 Roadster. What will your monthly payment be

Answer 1

Answer #1

The monthly payment is calculated using the PMT function as follows:-

=PMT(rate,nper,pv)

=PMT(3%/12,48,56000)

=1239.52

Answer 2

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