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You decide to buy a new car, a new BMW 325, because you think you'll look...

You decide to buy a new car, a new BMW 325, because you think you'll look hip driving it. The car cost $70,000, but you'll only need to finance $62,500. You can finance it at 4.1% APR for 6 years. What will your monthly payments be?

Can you please Show how to calculate that in Excel with the Right Formula? Thank you!

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Answer #1

The below is the Formula to be used in excel to calculate montly payments (EMI):

The below is the calculation for EMI in excel:

Hence , $980.67 is the montly payment

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