Nick Z. answered • 09/25/16

Tutor

New to Wyzant
Old-fashioned math and programming guru

The small correction to the previous answer. By paying 885.59 a month you'll have enough money BY THE END of 59th month (making 59 payments only). If your goal is to be able to buy the car IN 5 years, i.e. by the end of the 60th month (making 60 payments) the formula should be

A = p *(1 + r/n) [(1 + r/n)

^{n*y}- 1] / (r/n)and the required monthly payment should be 881.55