Mathematics Homework Help

JSU Function in Excel Lets You Calculate the Payment on A Load Discussion

I’m working on a Mathematics exercise and need support.

The pmt() function in Excel let’s you calculate what the payment on a load would be. Suppose you finance a car purchase. Take your loan to be $24,000 with an annual interest rate of 16% compounded monthly and financed for 5 years. What would you need to put into the pmt function for rate, nper, and pv in order to correctly calculate your monthly payment? What would you end up paying for the car in the end?

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