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QUESTION
Homework #3C (How much will each annual payment be (Using FV or PV))
Homework #3C (How much will each annual payment be (Using FV or PV))
Finance 330
Question 2 (1 point)
A commercial bank will loan you $41,770 for 6 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 7.96 percent of the unpaid balance. What is the amount of the monthly payments?
Round the answer to two decimal places.
