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Gerritt wants to buy a car that costs $28,250. The interest rate on his loan is 5.45 percent compounded monthly and the loan is for 5 years. What are his monthly payments
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Gerritt wants to buy a car that costs $28,250. The interest rate on his loan is 5.45 percent compounded monthly and the loan is for 5 years. What are his monthly payments

User Byte Brad
by
3.1k points

1 Answer

3 votes

Answer:

$538.96

Step-by-step explanation:

The monthly payments or installation (PMT) can be simply determine using a financial calculator as :

PV = $28,250

I = 5.45 %

P/YR = 12

N = 5 x 12 = 60

FV = $ 0

PMT = ?? ($538.96)

Therefore,

The monthly payments or installation (PMT) is $538.96

thus,

Gerritt monthly payments are $538.96.

User Demaksee
by
3.3k points
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