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After a long confinement period, you are looking for a tour around the world
After a long confinement period, you are looking for a tour around the world. To finance yo dream, the bank Take It For Granted offers you a $58,600 loan in the form of a 60-month fix payment at an annual rate of 52%.
(a) Compute what the monthly payment will be.
(6 mar
Expert Solution
Computation of Monthly Payment using PMT Function in Excel:
=pmt(rate,nper,-pv,fv)
Here,
PMT = Monthly Payment = ?
Rate = 5.2%/12
Nper = 60 months
PV = $58,600
FV = 0
Substituting the values in formula:
=pmt(5.2%/12,60,-58600,0)
PMT or Monthly Payment = $1,111.23
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