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Thinking of buying a $60,000 car, you browse through a finance brochure offering amortising loans. You intend to finance your car purchase purely through a

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Thinking of buying a $60,000 car, you browse through a finance brochure offering amortising loans. You intend to finance your car purchase purely through a loan. The loan is for a term of 7 years, with monthly repayments, costing 6% p.a. The amount of each repayment can be worked out through the ordinary annuity formula: PV PMT r T() 1 (1+r)" The correct values to substitute into this formula are: PV = ,r= n= > PMT =

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