Dawn Chin plans to buy a new vehicle. Her current vehicle will bring $5,500 as a...
Dawn Chin plans to buy a new vehicle. Her current vehicle will bring $5,500 as a trade-in. She can pay another $2,500 as a down payment. The vehicle she wants to buy costs $23,700. What would be her monthly payments for a four-year loan at 5.2%?
Homework Answers
Loan Amount = Purchase Cost - Down Payment - Exchange Price
= $ 23,700 - $ 2500 - $ 5500
= $ 15,700
EMI = Loan / PVAF (r%,n)
Where r is int rate per month and n is no. of months
EMI = Loan / PVAF (r%,n)
= $ 15,700 / PVAF ( 0.4333%, 48)
$ 15,700 / 43.2526
= $ 362.98
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