According to the present value of an annuity formula, the monthly payment

| September 10, 2016

Question
According to the present value of an annuity formula, the monthly payment on a 5-year car loan for $25,000 at a stated annual rate of 5% compounded monthly is which of the following :

A. $ 416.67

B. $470.51

C. $471.78

D. None of the above

I have known the answer is C., please who can tell me how I can get to the answer.

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