The listed price of the car is $32,000 cash, paid today. You know you can borrow $20,000 from your bank at 12% p.a. and get a two-year loan that has equal monthly payments covering principal and interest, payable at the end of each month.
Calculate the monthly payments that would be required for the bank loan.

Answer rating: 100% (QA)

Loan Payment formula MP Pr1r N 1r N 1 where MP Monthly Payment P P... View the full answer