You want to buy a new sports car from Muscle Motors for $48,000.. The contract is in

Question:

You want to buy a new sports car from Muscle Motors for $48,000.. The contract is in the form of a 60-month annuity due at a 7.45 percent APR. What will your monthly payment be?

Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...