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You want to buy a new sports car from Muscle Motors for $38,000. The contract is in the form of an annuity due for 60 months at an APR of 10.00 percent. What will your monthly payment be?

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Answer:

$800.71

Explanation:

In this question we use the PMT formula that is shown on the attachment below:

Data provided in the question

Present value = $38,000

Future value = $0

Rate of interest = 10% ÷ 12 months = 0.83333%

NPER = 60 months

The formula is shown below:

= PMT(Rate;NPER;-PV;FV;type)

The present value come in negative

So, after solving this, the monthly payments is $800.71

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