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Suppose Capital One is advertising a 60​-month, 5.06 % APR motorcycle loan. If you need to borrow $ 8 comma 400 to purchase your dream​ Harley-Davidson, what will be your monthly​ payment?​ (Note: Be careful not to round any intermediate steps less than six decimal​ places.)

Respuesta :

TomShelby

Answer:

The monthly payment n the motorcycle will be for 158.75 dollars

Explanation:

We need to solve for the PMT of an ordinary annuity:

[tex]PV \div \frac{1-(1+r)^{-time} }{rate} = C\\[/tex]

PV 8,400 (loan)

time 60 months

rate 0.004216667 (5.06% annual divide into 12 months)

[tex]8400 \div \frac{1-(1+0.00421666666666667)^{-60} }{0.00421666666666667} = C\\[/tex]

C  $ 158.749

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