Monthly Payment of a Car
Not what you're looking for?
I plan to buy a new car. The price is $30,000 and I will make a down payment of $4,000. My annual interest rate is 10% and I intend to pay for the car over five years. What will be my monthly payment?
Purchase this Solution
Solution Summary
This solution shows how to calculate a monthly payment if you know the interest rate, down payment, and total cost with step-by-step calculations and formulas included.
Solution Preview
The answer is $552.42
The formula is
M = (Pv*R)
-----------------
[1 - (1 + R)^(-n)]
where
M = ...
Purchase this Solution
Free BrainMass Quizzes
Elementary Microeconomics
This quiz reviews the basic concept of supply and demand analysis.
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.
Economics, Basic Concepts, Demand-Supply-Equilibrium
The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.