A person bought a car in $25,000. He deposited a down payment of 20% and must...

 

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A person bought a car in $25,000. He deposited a down payment of 20% and must pay back the remaining balance through 18 monthly payments. First payment will start three months after issuing the purchase. If this type of purchases are managed by the seller chargeing a 15% annual interest compounded monthly, how much will have to be paid every month for the expected 18 monthly equal payments? A person bought a car in $25,000. He deposited a down payment of 20% and must pay back the remaining balance through 18 monthly payments. First payment will start three months after issuing the purchase. If this type of purchases are managed by the seller chargeing a 15% annual interest compounded monthly, how much will have to be paid every month for the expected 18 monthly equal payments?

Answer rating: 100% (QA)

The down payment amount is equal to 20 of the car price which is 25000 car price 20 dow... View the full answer