Bill makes car payments of $273/month for the next 3 years.
His car loan has an interest rate of 2.6%, discounted monthly.
What was the initial price of the car?
calculating the initial price of the car
where Pv is the present(initial value)
PMT is the amount of monthly payment
r is the rate of discount
n is the number of repayment periods.
we need to find the number of periods in months; 3*12=36 months