6) Assume you just bought a new car and now have a car loan to repay....
6) Assume you just bought a new car and now have a car loan to repay. The amount of the principal is $22,000, the loan is at 5.9% APR, and the monthly payments are spread out over 6 years. What is the loan payment? Use a calculator to determine your answer.
A) $305.56
B) $363.57
C) $331.14
D) $297.70
Homework Answers
Monthly Payment = [Loan Amount * r] / [1 - (1 + r)-n]
= [$22,000 * (0.059 / 12)] / [1 - {1 + (0.059 / 12)}-(6*12)]
= $108.17 / 0.2975 = $363.57
Hence, Option "B" is correct.
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