Question: how would I solve this? 1 You would like to buy a new car and will need to borrow $20,000 to do so. Your loan

how would I solve this? how would I solve this? 1 You would like to buy a

1 You would like to buy a new car and will need to borrow $20,000 to do so. Your loan will be repaid monthly over 4 years at a 6% annual interest rate. Calculate your 2 monthly payment. 3 4 N (period of time) translate to monthly 5 (Interest) translate to monthly 6 PV (Present Value 7 FV (Future Value) 8 PMT (Annuity) determine payment 9 10 Prepare the loan amortization schedule. Monthly Interest Period Payment Expense 12 0 Principal Payment Principal Balance 11 13 14

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