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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 $80,000 and the dealership has offered you a 5-year financing package under which you will make regular monthly payments, followed by a final bullet payment of $20,000 when the loan matures. What is the size of the 59 regular payments, if the interest rate is 4.8% p.a. with monthly compounding?

a. $1,224.89

b. $1,502.38

c. $1,524.92

d. $1,143.69

e. None of the other answers is correct

Reference no: EM132603815

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