SOLUTION: what is the monthly payment on a 5 year car loan for 14000 at an annual interest rate of 12%
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Question 1138518: what is the monthly payment on a 5 year car loan for 14000 at an annual interest rate of 12%
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
if the car costs 14,000 and is paid off monthly at an annual rate of 12% compounded monthly, for a period of 5 years, the payment made at the end of each month is equal to $311.42.
the financial calculator used for this analysis can be found at https://arachnoid.com/finance/
the inputs to this calculator were:
prevent value = 14000
future value = 0
number of monthly time periods = 5 * 12 = 60
percent interest rate per monthly time period = 12% / 12 = 1%
payments are made at the end of each monthly time period.
click on PMT and the calculator tells you that the monthly payments are $311.42, shown as negative because the money is going out.
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