The invention of a machine to make plastic corks for wine bottles has severely affected companies that produce traditional cork.
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Answer:
Explanation:
For this case the total payment is $320000, and she pays $40000 so the remain amount to pay would be:
$320000-40000=$ 280000
For this case we assume that the annual interest rate is APR=5.7% =0.057 on fraction.
The total number of years are 20. For this case n represent the number of payments per year and since we have monthly payments then n =12.
In order to find the PMT we can use the following formula:
On the last expression the APR needs to be on fraction and P represent the principal amount, for this case P = $280000. So if we replace we got:
And we can verify this using the following excel function: "=PMT(0.057/12,12*20,-280000)"