You want to buy a new sports car from muscle motors for, Finance Basics

You want to buy a new sports car from muscle motors for

You want to buy a new sports car from Muscle Motors for $43,000. The contract is in the form of a 60-month annuity due at a 6.25 percent APR.

Required:
What will your monthly payment be?

I tried the following:
PV = 43k
1/Y = 6.25
FV = 0
N = 5 years

I got some absurd answers so I know there is something wrong with this.

Please show formula method and calculator function method if possible. Thanks.

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Finance Basics: You want to buy a new sports car from muscle motors for

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Finance Basics: You want to buy a new sports car from muscle motors for

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Recent Questions Asked Finance Basics

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Ask an Expert for Answer!!

Finance Basics: You want to buy a new sports car from muscle motors for

Reference No:- TGS0626540

Recent Questions Asked Finance Basics

Q : Why might actual revenues and expenditures reported on the

Q : A sheet of glass is coated with a 496 nm thick layer of oil

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