Question

You want to buy a new sports coupe for $43,685, and the finance office at the dealership has quoted you an 8.4% APR loan for 4 years with monthly payments. What will your monthly payments be? (Do not include the dollar sign ($). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Answer #1

Monthly rate = 8.4 /12 = .70% per month

Number of months = 4*12= 48 months

**Monthly payment = Cost to purchase / PVA
.70%,48**

**
= 43685 / 40.64856**

**
= 1074.70 per month**

****present value annuity factor can be find using
financial calculator or from present annual annuity
table.**

**or using the formula :[1/(1+i)^1+1/(1+i)^2+
1/(1+i)^3+.........1/(1+i)^48]**

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What will your monthly payments be? (Do not round
intermediate calculations and round your answer to 2 decimal
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BGN BAL
PAYMENT
INTEREST
PRINCIPL
END BAL

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