so the amount financed is
32500 * 0.80 + 1585 = $27,585
Now just plug that into your amortization formula to get the monthly payment.
A car dealer offered an end-of-year clearance that was 20% off the MSRP of $32,500. Janice Ng agrees to that price plus additional tax and license fees of $1,585. If she obtains a 3-year loan at an annual interest rate of 5.75% compounded monthly, what is her monthly payment (in dollars)? (Round your answer to the nearest cent.)
1 answer
1 answer