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1 month ago

6. Using the Loan Calculator and the 1.9% APR offer, how much will Molly’s monthly payment be?

Social Studies

1 answer:

Mashutka [1.3K]1 month ago

8 0

Answer:

The full question is as follows:

Molly noticed a deal on the Jeep website and wants to figure out her monthly payments... If Molly has saved a down payment of $2500 for this purchase, on the assumption that the $1500 Cash Allowance applies... Utilize the loan calculator to find out what Molly's monthly payment will be?

It's important to note that the cash price as displayed in the attachment is $25,495

Repayment is for a duration of 84 months

Molly's monthly payment amounts to $273.49

Explanation:

The financing amount is the car price minus the cash allowance and the down payment.

The financing total is $25,495 - $1,500 - $2,500 = $21,495.00

To find the monthly payment, the Excel PMT formula applies

=pmt(rate,nper,-pv,fv)

Rate is calculated per month, which is 1.9%/12 = 0.001583333

nper is 84 months

pv refers to the financing amount which is $21,495.00

fv is the total repayment amount, which remains unknown

=pmt(0.001583333 ,84,-21,495,0)=$273.49

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