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Lynna [10]
3 years ago
7

Caleb bought a car for $6,900. he agreed on a five- year loan at a 5.4% interest rate. calculate what caleb's monthly payments w

ill be.
Business
1 answer:
Amanda [17]3 years ago
7 0
Monthly payment amount is given by;
P = A*D --- A = Amount borrowed = $6,900, D = factor
That is,

D = [R/12]/[1-(1+R/12)^-12n] --- where R = 5.4% = 0.054, n = 5 years

Substituting;
D = [0.054/12]/[1-(1+0.054/12)^-12*5] = 0.0191

Therefore, monthly payment amount P is;
P = A*D = 6900*0.0191 = $131.48


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Answer:

Year Cashflow        [email protected]% PV

$                      $

0 (750,000)             1          (750,000)

1        350,000               0.9259    324,065

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4        180,000               0.7350      132,300

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The correct answer is D. The difference in answers is due to rounding error.

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6 0
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