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This set of problems is designed to be calculated using the Excel or financial calculator.

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This set of problems is designed to be calculated using the Excel or financial calculator.
Do not use financial tables to calculate these problems.

A car dealership offers you no money down on a new car. You may pay for the car for 5 years by equal monthly end-of-the-month payments of $558 each, with the first payment to be made one month from today. If the discount annual rate is 19.73 percent compounded monthly, what is the present value of the car payments?

Round the answer to two decimal places.

Your Answer:

 
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