Question $4$ of $5$

$\frac{1\mathrm{.}57}{2}$

Knowledge Check

A $5-$year auto loan has a $6\%$ annual interest rate and is compounded monthly. The price of the car is $$46,500,$ and you want to determine the monthly payments, assuming that the payments start one month after the purchase. Indicate the inputs to be entered into the financial calculator keys. How much is each monthly payment? $($Round monthly payment and interest rate to two decimal places $($e$.$g$.,52\mathrm{.}75).)$

Inputs

Calculator Keys

Monthly payment

$$

$N$

$$

I

I

I

$$

PV

PV

$?$ N$/$A

PMT FV