What monthly payment, beginning next month, would repay a $17,500 car loan over 48 months, assuming your loan has an interest rate of 4.9% per year, compounded monthly?
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A. B. C. D. E.D
On the BAII Plus, press 48 N, 4.9 divide 12 = I/Y, 17500 PV, 0 FV, CPT PMT. On the HP12C, press 48 n, 4.9 ENTER 12 divide i, 17500 PV, 0 FV, PMT. Note that the answer will be displayed as a negative number. Make sure the BAII Plus has the value of P/Y set to 1.