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What are monthly car payments

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Reference no: EM132826607

Problem 1: What is the present value of a 5-year ordinary annuity with annual payments of P200, evaluated at a 15% interest?

A. P670.43

B. P 842.91

C. P1,169.56

D. P1,348.48

E. P1,522.64

Problem 2: You are considering buying a new car. The sticker price is P15,000 and you have P2,000 to put toward a down payment. If you can negotiate a nominal annual interest rate of 10% and you wish to pay for the car over a 5-year period, what are your monthly car payments?

A. P216.67

B. P252.34

C. P276.21

D. P285.78

E. P318.71

Reference no: EM132826607

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