It\'s now four years later, and thanks to your aunt\'s generosity, you have grad

Question

It's now four years later, and thanks to your aunt's generosity, you have graduated from college. She has offered to lend you the money to buy your first, new car. You are interested in calculating the payment amount on a $35,000 car loan at 6 percent for five years. She has also agreed to accept five annual payments instead of monthly payments. What is the formula for this?

a. 35,000 = C x (1/1.056)/.05
b. $35,000 = C x (1/1.065)/.06
c. $35,000 = C x (1/1.055)/.05
d. $35,000 = C x (1/1.066)/.06

Explanation / Answer

Answer is B

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