Question

Vehicle final sale price is $25,000 at 5% interest and offers financing up to 60 months. what is the monthly car payments?

Answer 1

Answer:

$ 471.78

Step-by-step explanation:

This describes an 'ordinary annuity' ====>   FORMULA:

PV= C [  1-(1+i)^-n / i ]    Looking for C    i = .05/12   n =60   PV = 25000

 plug in the numbers and calculate   C = 471.78