You borrow $22541 to buy a car. You will have to repay this loan by making equal monthly payments for 14 years. The bank quoted an APR of 6%. How much is your monthly payment (in $ dollars)? I'm not sure how the answer is 198.6394, Can you explain that to me on the financial calculator, please? Thank you :)

You borrow $22541 to buy a car. You will have to repay this loan by making equal monthly payments for 14 years. The bank quoted an APR of 6%. How much is your monthly payment (in $ dollars)? I'm not sure how the answer is 198.6394, Can you explain that to me on the financial calculator, please? Thank you :)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 14P

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