You want to buy a new sports car from Muscle Motors for $79,000. The contract is

Question

You want to buy a new sports car from Muscle Motors for $79,000. The contract is in the form of a 48-month annuity due at a 7.30 percent APR. What will your monthly payment be? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

I need help finding the monthly payment.

You want to buy a new sports car from Muscle Motors for $79,000. The contract is in the form of a 48-month annuity due at a 7.30 percent APR. What will your monthly payment be? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

Explanation / Answer

let monthly payment is m

79000 = m/(1+7.3%/12) + m/(1+7.3%/12)^2 + m/(1+7.3%/12)^3........m/(1+7.3%/12)^48

m= 1686

Monthly Payment= $1686

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