Lauren knows she can afford to make monthly payments of $575 for 36 months. How much...
Lauren knows she can afford to make monthly payments of $575 for 36 months. How much will the bank lend her today on a 3% APR car loan in exchange for her promised monthly payments?
Homework Answers
Ans $ 19772.22
| P = | Regular Payments |
| PV = | Loan Amount |
| r = | rate of interest |
| n = | no of periods |
| P = | r (PV) |
| 1 - (1 + r )-n | |
| 575 = | (3%/12)*PV |
| 1 - (1 / (1 + 3%/12)^36)) | |
| 575 = | 0.0025 * PV |
| 0.085966163 | |
| PV = | 575 * 0.085966163 / 0.0025 |
| PV = | 19772.22 |
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