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What is the size of the regular payments

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Question - You have just bought a new car for $120,000 and the dealership has offered you a 10-year financing package under which you will make regular monthly payments, followed by a final bullet payment of $60,000 when the loan matures. What is the size of the 119 regular payments, if the interest rate is 7.2% p.a. with monthly compounding?

a. $1063

b. $1,548

c. $1,406

d. $1069

e. None of the other answers is correct

Reference no: EM132533888

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