You wish to buy a $23,500 car. The dealer offers you a 5-year loan with a 9 percent APR. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

$487.82

Explanation:

For this question we use the PMT formula that is shown in the attached spreadsheet

Provided that

Present value = $23,500

Future value = $0

Rate of interest = 9% ÷ 12 months = 0.75%

Time period = 5 years × 12 months = 60 months

The formula is shown below:

= PMT(Rate;NPER;-PV;FV;type)

The present value come in negative

So, after solving this, annually payment is $487.82

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