You have just leased a car that has monthly payments of $385 for the next 5...
You have just leased a car that has monthly payments of $385 for the next 5 years with the first payment due today. If the APR is 7.32 percent compounded monthly, what is the value of the payments today?
Homework Answers
Present value of annuity due= payment per period * [1-(1+i)^-n]/i *(1+i)
i = interest rate per period
n = number of periods
=>
present value = 385 * [1-(1+0.0732/12)^-60]/(0.0732/12)
= 19295.81
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