Answer to Question #169635 in Finance for Crystal

Question #169635

You are buying your first car for $20,000 and are paying $2,000 as a down payment. You have negotiated a nominal interest rate of 12 percent and you plan to pay-off the car over five years. What is the monthly payments you must make on this loan?


1
Expert's answer
2021-03-14T19:02:25-0400


Payment = (20000-2000)×(0.12/12) / (1-(1+0.01)^60)=400.40


Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

Ask Your question

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS