Cody just bought a new mini van for his business. The price of the vehicle was...
Cody just bought a new mini van for his business. The price of the vehicle was $38,000. Cody made a $4,000 down payment and took out a loan for the rest ($34,000). The car dealership made the loan at 5% interest compounded monthly for six years. He is to pay back the principal and interest in equal monthly installments beginning one month from now. Determine Cody's monthly car payment.
Homework Answers
![Monthly payment = pmt = Loan = [(1-(1/(1+r^n)}}/r] 34,000 = [(1-(1/(1.004167472))/0.004167) $547.57](http://img.homeworklib.com/questions/e136fbe0-7a7b-11ea-b40b-f51a93ac0200.png?x-oss-process=image/resize,w_560)
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Cody just bought a new mini van for his business. The price of
the vehicle was...
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