Andrea M.

asked • 05/22/20

(Present value of an annuity) You wish to borrow $18,000 to buy a new automobile. The rate is 8.6% over four years with monthly payments. Find the monthly payment. (Answer: $444.52)

I have tried figuring out this formula for hours and am not having any luck. I have used my book, looked for examples and used my financial equations book. No luck getting this to work out right. Can someone please help?

1 Expert Answer


RUBEN B. answered • 05/22/20

5.0 (26)

Former Teacher and MS Finance Top Graduate

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