You are borrowing $5,710 to buy a car. The terms of the loan call for monthly...

You are borrowing $5,710 to buy a car. The terms of the loan call for monthly payments for 5 years at a 6.50 percent interest compounded monthly. What is the amount of each payment?

Expert Solution

The amount of each payment is calculated using the PMT function as follows:-

=pmt(rate,nper,pv)

=PMT(6.5%/12,5*12,5710)

=111.72

jeff jeffy answered 2 years ago

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