You are considering the purchase of a $56,500 Ford F-150 Raptor. If you are financing the...

You are considering the purchase of a $56,500 Ford F-150 Raptor. If you are financing the truck for 60 months and the auto loan annual rate is 3.5%, what is your monthly car payment? (Round your answer to the nearest hundredth; two decimal places)

Solutions

Expert Solution

PV =

r = 3.5%/12 = 0.2917% (monthly), n = 60

56,500 = P * 54.96999

P = $1,027.83

jeff jeffy answered 2 years ago

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