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lawyer [7]
3 years ago
10

Gerritt wants to buy a car that costs $31,000. The interest rate on his loan is 5.67 percent compounded monthly and the loan is

for 5 years. What are his monthly payments?

Business
1 answer:
gregori [183]3 years ago
5 0

Answer:

$594.57

Explanation:

For computing the monthly payment we need to apply the PMT formula i.e to be shown in the attachment below:

Given that,  

Present value = $31,000

Future value or Face value = 0

Rate = 5.67% ÷ 12 months = 0.4725

NPER = 5 years × 12 = 60 years

The formula is shown below:  

= PMT(RATE;NPER;-PV;FV;type)  

The present value come in negative  

So, after applying the formula, the monthly payment is $594.57

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