You plan to purchase a new car with a retail price of $26,499 after your trade-in and astute negotiations with the dealership sales manager. You have agreed to make 5 ANNUAL payments with an annual interest rate of 3.90%
How large are your equal annual end-of-the-year payments for your new car?
A) $5299.80
B) $5,462.21
C) $5,841.89
D) $5,935.68
D
Explanation: D) Via Calculator: N = 5, I = 3.90, PV = 26,499, Solve for PMT = $5,935.68.
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