You borrow $40,000 to buy a car. The loan is to be paid off in 10...
You borrow $40,000 to buy a car. The loan is to be paid off in 10 equal monthly payments at 12% interest annually. The first payment is due one month from today. What is the amount of each monthly payment? (Round to nearest ones)
Homework Answers
Solution: Calculation of Monthly Payment to repay the loan of $40,000 in 10 Months
Following are the steps to be followed on Microsoft Excel to calculate the Monthly payment:
Step 1: Click on "FORMULAS" tab at the top of Microsoft
Excel
Step 2: Select the option "Financial"
Step 3: Under "Financial" select the option "PMT"
Step 4: Insert Rate = 0.12/12 Nper = 10 PV = -40000
PMT = $4,223.28
Therefore, the Monthly Payment to repay the loan of $40,000 in 10 Months at an interest rate of 12% annually is $4,223.28
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