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You wish to buy a $20,000 car. The dealer offers you a 5-year loan with an 5 percent APR. What are the monthly payments
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You wish to buy a $20,000 car. The dealer offers you a 5-year loan with an 5 percent APR. What are the monthly payments

User Onkkno
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1 Answer

6 votes

Answer:

the monthly payments are $377.42.

Step-by-step explanation:

The monthly payments, PMT on the loan can be determined using a financial calculator as follows :

PV = $20,000

N = 5 × 12 = 60

P/YR = 12

R = 5.00 %

FV = $ 0

PMT = ?

Using a Financial Calculator, the monthly payments, PMT on the loan are $377.42.

User Andy Evans
by
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