Financial Technology Center - School of Business - Central Connecticut State University

You are considering buying a new car. The sticker price is $65,000 and you have $5,000 to put toward a down payment. If you can negotiate a nominal annual interest rate of 10 percent and you wish to pay for the car over a 5-year period with a Quarterly payment , what are your Quarterly car payments?


Financial calculator solution.
Inputs:
N =5 * 4 .
I =10 / 4 .
PV = - 60000 .
FV= 0 .
 
Output: PMT = ?