You would like to purchase a car whose price is 171,000 SEK. You are offered a loan to cover the entire amount and its terms establish an APR with monthly compounding equal to 3%. The loan is supposed to be paid back in 9 years with equal monthly payments. 

What is the monthly payment?

Answer rating: 100% (QA)

To calculate the monthly payment of the loan we can use the formula for the present value ... View the full answer