Question
In: Finance
Ivan Romanchuk is getting a car loan for $28,400 with a term of 5 years at a rate of 4.60%, His monthly payments will be closest to:
Ivan Romanchuk is getting a car loan for $28,400 with a term of 5 years at a rate of 4.60%, His monthly payments will be closest to:
A. $540.61.
B. $1,400.68.
C. $530.75.
Solutions
Expert Solution
| Car loan | $28,400 |
| Rate of interest per year | 4.60% |
| Rate of interest per month | 0.38% |
| Number of years | 5 |
| Number of payments | 60 |
| Monthly payment | $530.75 |
Excel formulas used:
jeff jeffy answered 2 years agoRelated Solutions
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Amount
Term
(years)
Interest
Rate
1
$
250,000
30
5%
2
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30
4.50%
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