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22 March, 13:16

You want to buy a new sports car from Muscle Motors for $44,600. The contract is in the form of a 60-month annuity due at an APR of 6.35 percent. What will your monthly payment be

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  1. 22 March, 13:31
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    Assume that interests are paid annually as principals and the repayment method is depreciated. The monthly payment including principals and interests for the 12th, 24th, 36th, 48th, 60th month are $11,752, $11,186, $10,619, $10,053, $9,486, respectively. There are no payment for other months during the 60-month plan.

    Explanation:

    Unit: $

    Month Principal Interest Total payment

    12 8,920 2,832 11,752

    24 8,920 2,266 11,186

    36 8,920 1,699 10,619

    48 8,920 1,133 10,053

    60 8,920 566 9,486
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Home » Business » You want to buy a new sports car from Muscle Motors for $44,600. The contract is in the form of a 60-month annuity due at an APR of 6.35 percent. What will your monthly payment be
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