Question

What would a monthly payment be on a purchase of a $10,000 car at a 5.9% for 4 years?

Answer 1

$234.39

Explanation:

Answer 2

The current monthly pay can be calculated as follows;
A=p(1/r/100)^n
A=10000
r=5.9/12=0.5%
10000=p(1+0.5/100)^(4*12)
10000=p(1.005)^48
p=10000/(1.005)^48
p=7,871
the monthly payment will be:
7871/12
=$655.92