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You are about to purchase a new car, which will cost you $18,000 after taxes and...

You are about to purchase a new car, which will cost you $18,000 after taxes and fees. You are planning to pay a $3,000 down payment and then take out a five-year auto loan at an APR of 4.8%. You will make a monthly payment for the next five years starting a month from today. How much is your loan payment each month?

$220.81

$280.57

$338.04

$221.70

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Answer #1

Please refer to below spreadsheet for calculation and answer. Cell reference also provided.

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