What will your monthly payment be

Reference no: EM13287838

You want to buy a new sports car from Muscle Motors for $43,000. The contract is in the form of a 60-month annuity due at a 6.25 percent APR.

Required:
What will your monthly payment be?

I tried the following:
PV = 43k
1/Y = 6.25
FV = 0
N = 5 years

I got some absurd answers so I know there is something wrong with this.

Please show formula method and calculator function method if possible. Thanks.

Reference no: EM13287838

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