A $50,000 loan is taken out on a new car with the terms 12% APR (monthly)...
A $50,000 loan is taken out on a new car with the terms 12% APR (monthly) for 48 months. How much are the required monthly payments on this loan?
a.
$1,316.69
b.
$1,711.70
c.
$1,301.68
d.
$1,580.03
e.
$1,448.36
Homework Answers
This question requires application of PV of annuity,
PV =
PV = $50000, n = 48 months, r = 12%/12 = 1% (monthly)
50000 = P * 37.9740
P = $1,316.69
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