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You want to buy a new car that costs $25,000. How much would your monthly payments...

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Finance

  1. You want to buy a new car that costs $25,000. How much wouldyour monthly payments be if you borrow the money for 5 years from acredit union at 4% annually (remember you make monthly payments soyou have to get the term of the loan and the interest rate fromannual periods to months)?

PV =

FV =

I =

N =

Pmt =

Answer: ________

Answer & Explanation Solved by verified expert
3.9 Ratings (622 Votes)
PV 25000FV 0I 412 033333 or 00033333N 512 60Pmt 46041Calculate the monthly payment as    See Answer
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Transcribed Image Text

You want to buy a new car that costs $25,000. How much wouldyour monthly payments be if you borrow the money for 5 years from acredit union at 4% annually (remember you make monthly payments soyou have to get the term of the loan and the interest rate fromannual periods to months)?PV =FV =I =N =Pmt =Answer: ________

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