Hunan bought a car priced at $15,400 for 15% down and equal monthly payments for four...

Question

Question

Hunan bought a car priced at

$15,400

for 15% down and equal monthly payments for

four

years. If interest is

8 %

compounded monthly, what is the size of the monthly payment?

business finance

Answer 1

Answer #1

Monthly payment is calculated using the PMT function as follows:-

=PMT(rate,nper,pv)

=PMT(8%/12,4*12,15400*85%)

=319.57

Answer 2

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