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please show work, step by step. unsure of what formula to use.

15) You purchase a new car for $40,000, put $8,000 down, and finance the balance for 5 years at 8% APR, compounded monthly. W
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Answer #1

Rate = 8% / 12 = 0.67%

Nper = 5 * 12 = 60

PV = 40,000 - 8,000 = 32,000

FV = 0

Monthly mortgage payment can be calculated by using the following excel formula:
=PMT(rate,nper,pv,fv)
=PMT(8%/12,60,-32000,0)
= $648.80

Monthly mortgage payment = $648.80

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