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You want to buy a car and a local bank will lend you $18,500. The loan will be fully amortized over 5 years, and the nominal interest rate would be 4.65%, with interest paid monthly. What is the monthly loan payment

Answer :

Zvikogo

Answer:

$346.16

Explanation:

The monthly loan payment can be calculated using a Financial calculator as follows :

PV = $18,500

N = 5 x 12 = 60

I/YR = 4.65%

P/YR = 12

FV = $0

PMT = ??

The monthly loan payment (PMT) is calculated as $346.16

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