You purchase a car $22,000. The interest rate is 5% and you decide to pay over a period of 5 years. What is your payment?

Answer 1

I = PRT

I = 22,000 * 0.05 * 5

I = 5,500

5,500 + 22,000 = 27,500

27,500 / 60 = 458.33 per month