Hunan bought a car priced at $15,800 for 15% down and equal monthly payments for four...
Hunan bought a car priced at $15,800 for 15% down and equal monthly payments for four years. If interest is 9% compounded monthly, what is the size of the monthly payment?
The monthly payment is $___?
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimals places as needed.)
Homework Answers
Information provided:
Price of the car= $15,800
Down payment= 0.15*$15,800= $2,370.
Loan= $15,800 - $2,370= $13,430
Time= 4 years*12= 48 months
Interest rate= 9%/12= 0.75% per month
The amount of monthly payment is calculated by entering the below in a financial calculator:
PV= -13,430
N= 48
I/Y= 0.75
Press the CPT key and PMT to compute the monthly payment.
The value obtained is 334.21.
Therefore, the amount of monthly payment is $334.21.
In case of any query, kindly comment on the solution.
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