anthony has decided to purchase a $19000 car. he plans to put 20% down toward the purchase and to finance the rest at a 6.8% interest rate for 4 years. find the monthly payment

Answer 1

balance of loan = .8(19000) = 15200
monthly rate = i = .068/12
n = 12(4) = 48
payment --- p

solve for p,

p(1 - (1+i)^-48 )/i = 15200