Question 909721
Assuming no points and no additional interest...<br>
$14,987 - $3,000 = $11,987
$11,987 / 60 months (5 years = 60 months) = <b>$199.78 per month</b><br>
Check:
199.78*60 = 11,986.80 + 3000 = 14,986.80
(note: his last payment will be .20 higher)