Everyone my name is Andrew and today we will be computing for our car monthly payment.
Let's say you were to decide to finance a your you know your new car you were to get a twenty thousand dollar car loan with the interest rate at 5.50 are five years to pay.
What would your monthly payment be in this video we're going to be using a an HP 10 B - a financial calculator makes life easier.
Let's go ahead and get started first you wanna set up your calculator to - one year just nice and easy. Okay, and.
For our n that would be five years and then multiply that by 12 because there's 12 months in here that's 16. All right.
Let's go ahead and input that you could do 5 times 12 just to make sure 60 and then hit n. Okay, and then for interest rate is five point five five point five and you want to divide that by 12. Okay, and you get 0.4 t61 46-hour also you want to hit the just this button right here i and y are. Okay, and then our present value is negative 20 thousand it's negative because you're borrowing it twenty thousand go and input that make sure it's negative value and then feature valid we don't know.
I'm just going to go ahead and put 0 and lastly your payment hit that button there you go.
Your monthly payment for this car loan would be three hundred eighty two and two cents that would be your monthly payment see how easy that was. All right, thank you guys I just a comment or message me if you have any questions just let me know don't hesitate alright thank you.