Question

Need help with this question.

You want to buy a new sports car from Muscle Motors for $75,000. The contract is in the form of a 48-month annuity due at an APR of 71 percent. What will your monthly payment be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Monthly payment ces

Answer 1

Loan amount (PV) = $ 75000

Number of months(nper) = 48

Rate = 7.1%/12

Monthly payment(PMT) =
=pmt(7.1%/12,48,-75000,,1 PMT(rate, nper, pv, [fv], [type]) Oo-end of the period 1-beginning of the period
= $ 1788.87