Suppose you purchase a new car for $21,500. You make a down payment of $5000 (ie....
Suppose you purchase a new car for $21,500. You make a down payment of $5000 (ie. you take a loan of $16,500), and then finance the balance over 36 months at APR of 6% with monthly compounding. What will be the size of the monthly car loan payment?
Homework Answers
EMI = [P * I * (1+I)^N]/[(1+I)^N-1]
P =loan amount or Principal = 16500
I = Interest rate per month = .06/12 =
.005
N = the number of installments = 36
EMI = [16500*.005*1.005^36]/[1.005^36-1]
= [16500*.005*1.19668052482]/[1.19668052482-1]
= 98.7261432977/ .19668052482
= $501.96
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