Question

You'd like to purchase a new car when you graduate and start working. The car that you would really like costs $40,000. You've

checked with the bank and based on your income, you would qualify for a car loan with an annual interest rate of 5.64% with a 3-year repayment period. What would be your monthly car loan payment?

Answer 1

1210.36

Explanation:

40,000=pv

5.64/12=0.47% is interest

3*12=36 periods

I have used a financial calculator