SOLUTION: You want to buy a $25,000 car. You can make a 10% down payment, and will finance the balance with a 4% interest rate for 48 months (4 years). What will your monthly payments be?

SOLUTION: You want to buy a $25,000 car. You can make a 10% down payment, and will finance the balance with a 4% interest rate for 48 months (4 years). What will your monthly payments be?

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Question 1195628: You want to buy a $25,000 car. You can make a 10% down payment, and will finance the balance with a 4% interest rate for 48 months (4 years). What will your monthly payments be?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
the amount financed is $22,500.
22500(.04/12)*(1+(.04/12))^48/(1.(.04/12)^48 minus 1
=$508.03
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