Alex would like to purchase a car if the car is 22000 +HST(13%) and Alex finance:...

Alex would like to purchase a car if the car is 22000 +HST(13%) and Alex finance: the car over 48 months with an APR of 6% what is the monthly payment?

Expert Solution

Total loan amount = 22,000 + 22,000 * 0.13

Total loan amount = 24,860

PV = 24,860

r = 6%/12 = 0.005 per month

n = 48 months

The monthly payment is $583.8378221704

jeff jeffy answered 2 years ago

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