Travis bought a new Corvette Z06 for $100,000. He got a 60 month loan for $74300...

Travis bought a new Corvette Z06 for $100,000. He got a 60 month loan for $74300 at a nominal rate of 6.375% per year compounded monthly, with uniform monthly payments starting one month from the date of purchase. What were his monthly car payments? ?(How to solve this WITHOUT using excel)

Expert Solution

the monthly payment is on the loan amount of 74300 and the difference between car cost and the loan amount it should be the downpayment.

so PV=the loan amount =$74300

years =total months/12=5 years

Rahul Sunny answered 2 years ago

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