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You borrow $6,030 to purchase furniture for your house. You agree to make monthly payments for...

You borrow $6,030 to purchase furniture for your house. You agree to make monthly payments for 4 years to pay for the furniture. If the interest rate is 5 percent with monthly compounding, how much are your monthly payments? Assume the first payment is made one month after purchase.

  • $113.38

  • $138.87

  • $113.74

  • $134.70

  • $133.42
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Answer #1

=PMT(C2,C3,-C4,C5, C6) fx B 1 2 RATE 3 NPER 4 PV 5 FV 6 TYPE 7 PMT $ Rate Per Period Total No.of Payments Present Value Futur

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