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You borrow $6,330 to buy a car. The terms of the loan call for monthly payments for 6 years a rate of interest of 7

You borrow $6,330 to buy a car. The terms of the loan call for monthly payments for 6 years a rate of interest of 7 percent. What is the amount of each payment?

How do you enter this information into the financial calculator--What is PV, FV, PMT, I/Y, N?

The answer is:

FV=0

PV=-6330

N=6*12=72

1/Y=7/12=0.5833

Click on CPT

Click PMT=107.92 is the answer

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