ou want to buy a new sports car from Muscle Motors for $76,000. The contract is in the form of a 60-month annuity due at an APR of 7.15 percent, compounded monthly. What will your monthly payment be

$1510.28

Explanation:

The monthly on the purchase of new sports car can be  computed using the pmt excel function as shown below:

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

rate is APR of 7.15% expressed in monthly terms i.e 7.15%/12

nper is the number of months that payments would last i.e 60 months

pv is the cost of the new sports car i.e $76000

fv is the balance owed after the 60th payment i.e $0

=pmt(7.15%/12,60,-76000,0)=$1510.28

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