You want to buy a new sports car from Muscle Motors for $68,000 The contract is in the form of a 60 month annuity due at an 7 85 percent APR What will your monthly payment be ...

We need to use the PVA due equation that is PVA due 1 r PVA Using this e ...

You want to buy a new sports car from Muscle Motors for $68,000. The contract is in

Question:

You want to buy a new sports car from Muscle Motors for $68,000. The contract is in the form of a 60-month due at an 7.85 percent APR. What will your monthly payment be?
Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...