Question: Using the equation provided please answer this question. Before purchasing a used car, Brett Gardiner checked www.kbb.com to learn what he should offer for the

Using the equation provided please answer this question. Before purchasing a used car, Brett Gardiner checked www.kbb.com to learn what he should offer for the used car he wanted to buy. Then he conducted a carfax.com search on the car he found to see if the car had ever been in an accident. The Carfax was clean so he purchased the used car for $14,650. He put $1,500 down and financed the rest with a 48-month, 8% loan.What is his monthly car payment by formula?

PV (i) PMT = 1 - (1 + i)N where N = Number of payments i = Periodic interest rate PV = Loan amount PMT = Monthly payment

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