Use the present value and future value tables included in Appendix 8 and on the textbook companion website.
- You have just purchased an automobile for $15,000 and will be financing it at 12 percent interest compounded monthly for 5 years. Your monthly payment will be

Question

Use the present value and future value tables included in Appendix 8 and on the textbook companion website. 
- You have just purchased an automobile for $15,000 and will be financing it at 12 percent interest compounded monthly for 5 years. Your monthly payment will be

Quizplus · Accepted Answer

The monthly payment can be calculated using the formula for an annuity. With a principal of $15,000, an interest rate of 1% per month (12% annually), and a term of 60 months (5 years), the monthly payment is approximately $333.67.

Use the Present Value and Future Value Tables Included in Appendix