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    cool90es's Avatar
    cool90es Posts: 1, Reputation: 1
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    #1

    Feb 6, 2013, 09:34 AM
    If you take out an $7,000 car loan that calls for 60 monthly payments starting after
    If you take out an $7,000 car loan that calls for 60 monthly payments starting after 1 month at an APR of 12%, what is your monthly payment?
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #2

    Feb 6, 2013, 11:16 AM
    What does the agreement state ?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #3

    Feb 6, 2013, 01:16 PM
    Sounds like a homework problem to me - no one is charging 12% APR in this economy!

    OP: you can use PMT() function in Excel for this. Set N = 60 (for 60 periods) and I = interest per period = 12%/12 = 1% .
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