In: Finance
I am a bit enamored with the new 2020 mid-engine Corvette. It lists for $59,995, but with dealer gouge I suspect I would have to pay $110,000. Assuming I pay $110,000 with a 42,000 down payment and my loan is for 5 years at 8% EAR, then what will be my monthly car payment?
Loan taken= $110000
Down payment made: $42,000
Hence balance amount to be paid in 5 years= 110000-42000=68000
Equated annual rate= 8% monthly 8/12
monthly equated installments= total loan amount / (PVAF of 5 years,8%)= 68000/(1+(8/12))5*12
=$1378.79
payment schedule
months | Opening balance | Installment | Interest@ 0.67% Monthly | principal | Closing alance |
1 | 68000.00 | 1378.79 | 453.33 | 925.46 | 67074.54 |
2 | 67074.54 | 1378.79 | 447.16 | 931.63 | 66142.91 |
3 | 66142.91 | 1378.79 | 440.95 | 937.84 | 65205.07 |
4 | 65205.07 | 1378.79 | 434.70 | 944.09 | 64260.97 |
5 | 64260.97 | 1378.79 | 428.41 | 950.39 | 63310.58 |
6 | 63310.58 | 1378.79 | 422.07 | 956.72 | 62353.86 |
7 | 62353.86 | 1378.79 | 415.69 | 963.10 | 61390.76 |
8 | 61390.76 | 1378.79 | 409.27 | 969.52 | 60421.23 |
9 | 60421.23 | 1378.79 | 402.81 | 975.99 | 59445.25 |
10 | 59445.25 | 1378.79 | 396.30 | 982.49 | 58462.75 |
11 | 58462.75 | 1378.79 | 389.75 | 989.04 | 57473.71 |
12 | 57473.71 | 1378.79 | 383.16 | 995.64 | 56478.07 |
13 | 56478.07 | 1378.79 | 376.52 | 1002.27 | 55475.80 |
14 | 55475.80 | 1378.79 | 369.84 | 1008.96 | 54466.84 |
15 | 54466.84 | 1378.79 | 363.11 | 1015.68 | 53451.16 |
16 | 53451.16 | 1378.79 | 356.34 | 1022.45 | 52428.71 |
17 | 52428.71 | 1378.79 | 349.52 | 1029.27 | 51399.44 |
18 | 51399.44 | 1378.79 | 342.66 | 1036.13 | 50363.30 |
19 | 50363.30 | 1378.79 | 335.76 | 1043.04 | 49320.26 |
20 | 49320.26 | 1378.79 | 328.80 | 1049.99 | 48270.27 |
21 | 48270.27 | 1378.79 | 321.80 | 1056.99 | 47213.28 |
22 | 47213.28 | 1378.79 | 314.76 | 1064.04 | 46149.24 |
23 | 46149.24 | 1378.79 | 307.66 | 1071.13 | 45078.11 |
24 | 45078.11 | 1378.79 | 300.52 | 1078.27 | 43999.83 |
25 | 43999.83 | 1378.79 | 293.33 | 1085.46 | 42914.37 |
26 | 42914.37 | 1378.79 | 286.10 | 1092.70 | 41821.67 |
27 | 41821.67 | 1378.79 | 278.81 | 1099.98 | 40721.69 |
28 | 40721.69 | 1378.79 | 271.48 | 1107.32 | 39614.37 |
29 | 39614.37 | 1378.79 | 264.10 | 1114.70 | 38499.67 |
30 | 38499.67 | 1378.79 | 256.66 | 1122.13 | 37377.54 |
31 | 37377.54 | 1378.79 | 249.18 | 1129.61 | 36247.93 |
32 | 36247.93 | 1378.79 | 241.65 | 1137.14 | 35110.79 |
33 | 35110.79 | 1378.79 | 234.07 | 1144.72 | 33966.06 |
34 | 33966.06 | 1378.79 | 226.44 | 1152.35 | 32813.71 |
35 | 32813.71 | 1378.79 | 218.76 | 1160.04 | 31653.67 |
36 | 31653.67 | 1378.79 | 211.02 | 1167.77 | 30485.90 |
37 | 30485.90 | 1378.79 | 203.24 | 1175.56 | 29310.35 |
38 | 29310.35 | 1378.79 | 195.40 | 1183.39 | 28126.95 |
39 | 28126.95 | 1378.79 | 187.51 | 1191.28 | 26935.67 |
40 | 26935.67 | 1378.79 | 179.57 | 1199.22 | 25736.45 |
41 | 25736.45 | 1378.79 | 171.58 | 1207.22 | 24529.23 |
42 | 24529.23 | 1378.79 | 163.53 | 1215.27 | 23313.96 |
43 | 23313.96 | 1378.79 | 155.43 | 1223.37 | 22090.60 |
44 | 22090.60 | 1378.79 | 147.27 | 1231.52 | 20859.07 |
45 | 20859.07 | 1378.79 | 139.06 | 1239.73 | 19619.34 |
46 | 19619.34 | 1378.79 | 130.80 | 1248.00 | 18371.34 |
47 | 18371.34 | 1378.79 | 122.48 | 1256.32 | 17115.02 |
48 | 17115.02 | 1378.79 | 114.10 | 1264.69 | 15850.32 |
49 | 15850.32 | 1378.79 | 105.67 | 1273.13 | 14577.20 |
50 | 14577.20 | 1378.79 | 97.18 | 1281.61 | 13295.58 |
51 | 13295.58 | 1378.79 | 88.64 | 1290.16 | 12005.43 |
52 | 12005.43 | 1378.79 | 80.04 | 1298.76 | 10706.67 |
53 | 10706.67 | 1378.79 | 71.38 | 1307.42 | 9399.25 |
54 | 9399.25 | 1378.79 | 62.66 | 1316.13 | 8083.12 |
55 | 8083.12 | 1378.79 | 53.89 | 1324.91 | 6758.21 |
56 | 6758.21 | 1378.79 | 45.05 | 1333.74 | 5424.47 |
57 | 5424.47 | 1378.79 | 36.16 | 1342.63 | 4081.84 |
58 | 4081.84 | 1378.79 | 27.21 | 1351.58 | 2730.26 |
59 | 2730.26 | 1378.79 | 18.20 | 1360.59 | 1369.66 |
60 | 1369.66 | 1378.79 | 9.13 | 1369.66 | 0.00 |