You may pay for the car for 5 years by equal monthly-end-of-the-month payments of $514 each, with the first payment to be made one month from today. If the discount annual rate is 11.43 percent compounded monthly, what is the present value of the car payments. Round to two decimal points and please show work. I am using excel but feel like I am doing something wrong.
You may pay for the car for 5 years by equal monthly-end-of-the-month
payments of $514 each, with the first payment to be made one month from today. If the discount annual rate is 11.43 percent compounded monthly, what is the present value of the car payments. Round to two decimal points and please show work. I am using excel but feel like I am doing something wrong.
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