Answer to Question #178868 in Financial Math for David

Question #178868

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?


1
Expert's answer
2021-04-13T23:14:35-0400

Present value of this annuity ,the formula will be


P-periodic payments

r-rate per period

n-number of periods

And because it's months payments, r will be

n will be



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