posted by lo .
To help consumers in this tough economic climate, Pikes Peak Harley-Davidson offered to finance a new motorcycle for qualifying customers at 13% down, 7.50% interest for 48 months during July 2009. Rich Martinez was interested in calculating what his monthly payment would be if he bought a $29,566 bike.
Calculate his monthly payment to the nearest cent.
Business math -
$29,566 * 0.87 = 25,722.42
(25,722.42 * 0.075) / 48 = ?