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An individual is considering the purchase of a used automobile. The total price is $6200 with $1240 as a down payment and the balance paid in 48 equal monthly payments with interest at 1% per month. The payments are due at the end of each month. Compute the monthly payment.

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Answer:

The correct answer is option A: $130.45

Explanation:

The amount to be repaid in 48 monthly payments = Cost of the automobile - Down Payment ($1240)

A = P(A/P,i,n)

P = 6200-1240 = $4960

n = 48

i = 1% per month

Hence A= 4.960( A/P, 1%, 48)

A = 4960 (0.0263)

A = $130.45

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