Finance

Hi all,

Can someone check to see what I did wrong in this problem? Apparently part (b) is wrong. If possible, other than using excel, can you show how you would do it on a calculator?

Question:

Susu buys a Tesla for $100,000 today. Shivarda Bank lends Susu the entire amount at 0.2% per month for 60 months. Susu agrees to make regular monthly payments at the end of each month for the next 60 months. (a) How much is Susu's monthly payment to pay off the entire loan in 60 months? (b) How much is Susu's monthly payment if the remainder balance is to be $50,000 at the end of 60 months?

For (a) my answer was $1170.33 I used excel to calculate the answer. PMT(0.2%,60,100,000)

For (b) my answer was $885.17 excel: PMT(0.2%, 60, 50,000)