You purchase a new vehicle with an MSRP of 49000 and are offered a $1000 manufacturer rebate. You are approved for a loan to cover the rest of the price. It has an APR (annual percentage rate) of 6.81% for 4 years. What would be your monthly payment? (Round to the nearest cent. We will assume the loan is also compounded monthly.)

Answer rating: 100% (QA)

To calculate your monthly payment you can use the following formula where M P X Explanation M mon... View the full answer