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Today. you are purchasing a mew car car 325.000 You piton to put 121300 down are! Friame the bait:vice offirl, a 5-year. 6 5 pervert roan. with mune,i, payments What Fs the ammo* of each payment?
$48915 0 $469.59
0 $430,46 $450.02 C) $508.72
Expert Solution
Computation of Monthly Payment using PMT Function in Excel:
=pmt(rate,nper,-pv,fv)
Here,
PMT = Monthly Payment = ?
Rate = 6.5%/12
Nper = 5 Years * 12 Months = 60 Months
PV = $25,000-$2,000 = $23,000
FV = 0
Substituting the values in formula:
=pmt(6.5%/12,60,-23000,0)
PMT or Monthly Payment = $450.02
So, the correct option is 4th "$450.02".
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