Which formula would you use to solve for the payment needed, Ask an Expert

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Which formula would you use to solve for the payment needed for a car loan if you know the interest rate, length of the loan, and the borrowed amount? Describe.

To solve for k while the known values are PVA, n, and PMT, begin with the present value of an annuity formula, Equation 8-3b, like this:

Present Value of an Annuity Formula, Table Method

PVA = PMT(PVIFA _{k, n})

After that, rearrange terms and solve for (PVIFA _{k, n}) like this

PVA / PMT = (PVIFA _{k, n}).

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M9543870

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