Pete Sole Bought a Used Car for $8,000 $\frac {\text { 1 }} { \text { 2} }$

question 22

Short Answer

Pete Sole bought a used car for $8,000. Pete put down $2,000 and financed the balance at10 $\frac {\text { 1 }} { \text { 2} }$ % for 60 months. What is his monthly payment? (Use the loan amortization table.)