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Homework answers / question archive / A contract can be fulfilled by making an immediate payment of $11,600 or equal payments at the end of each month for 4 years

A contract can be fulfilled by making an immediate payment of $11,600 or equal payments at the end of each month for 4 years

Finance

A contract can be fulfilled by making an immediate payment of $11,600 or equal payments at the end of each month for 4 years. What is the size of the monthly payments at 11.2% compounded monthly? The payment is $0 (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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Use PMT function in EXCEL to find the monthly payment

=PMT(rate,nper,pmt,pv,fv,type)

rate=11.2%/12=0.9333%

nper=4 years*12=48 months

pv=present worth=11600

fv=0

type=0 (payments at the end of each month)

=PMT(0.9333%,48,-11600,0,0)=300.94

Monthly payment=$300.94

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