Question

Suppose Capital One is advertising a

60​-month,

5.69%

APR motorcycle loan. If you need to borrow

$8,900

to purchase your dream​ Harley-Davidson, what will be your monthly​ payment?​ (Note: Be careful not to round any intermediate steps less than six decimal​ places.)

Your monthly payment will be

​$______

Answer 1

PV =

n = 60, r = 5.69%/12 = 0.4742% (monthly)

8,900 = P * 52.11323

P = $170.78