Question: Assume the same information as in BE3.24 except that the payments are made monthly, at the end of each month, instead of annually. What would

Assume the same information as in BE3.24 except that the payments are made monthly, at the end of each month, instead of annually. What would be the monthly payments? Show calculations using

(a) A financial calculator or

(b) Excel function PMT

Data from BE3.24 You would like to purchase a car with a negotiated price of $30,000, and the dealer offers financing over a five-year period at 8%. If repayments are to be made annually, what would be your annual payments?

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