Auto Loans R Them loans you $24,000 for four years to buy acar. The lo
QUESTION
Auto Loans R Them loans you $24,000 for four years to buy acar. The loan must be repaid in 48 equal monthly payments. Theannual interest rate on the loan is 9 percent. What is the monthlypayment?a. $500.92b. $543.79c. $563.82d. $597.24
Present Value of LoanAmount (PV) $24,000 Annual Interest Rate onLoan (RATE) 9% Number of Monthly Payments(NPER) 48 Monthly Payment (PMT) ? CalculatingMonthly Payment (PMT): (Using Ms-Excel
): Interest Rate (RATE) 9% / 12 Number of Periods (NPER) 48 Present Value of the Loan(PV) -$24,000 Monthly Payment Amount(PMT) $597.24
ANSWER:
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