Overhaulin'

Calculating Loan Payments?

You want to buy a new sports car for $68,500 and the finance office at the dealership has quoted you a 6.9% APR loan for 60 months to buy the car. What will your monthly payment be? Please show how you got your answer, though any help is appreciated. Thanks. Also, if this can be done with a financial calculator (such as a BA II Plus), information on that would be great! Thanks again.

Public Comments

1. N = 60 I rate per period is .6.9 / 60 = .115 PV = 0 FV = 68,500 Computed PYMT = $1,103.39