You bought a new car today that cost you $40,000. You paid$2,000 DOWN and financed...

You bought a new car today that cost you $40,000. You paid $2,000 DOWN and financed the balance with a 4-year loan at a 2.99% annual promotional rate. How much is your monthly payment?

N= I/Y= PV= PMT= FV=

Expert Solution

EMi in EXcel :

= PMT(I/Y,NPER,PV,0)

I/Y = Int rate per month

NPER = No. of Months

PV = Loan Today

Monthly instalment amount is $ 840.94

jeff jeffy answered 2 years ago

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