A commercial bank will loan you $27,817 for 3 years to buy a car. The loan...

Question

Question

Answer 1

Answer #1

Monthly payments are calculated using the PMT function as follows:-

=PMT(rate,nper,pv)

=PMT(13.32%/12,3*12,27817)

=941.56

Where,

rate is rate of interest per period

nper is number of periods

pv is present value or cost of car

Answer 2

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