Buy A Quad!

Your instruction is to come up with a solution for this problem...Use the TVM Solver, for the beginning of class tomorrow:

ex. Chuck needs a new quad. He secures financing at the local Credit Union for 7.5%. He will borrow the money for 24 months, and interest will be compounded monthly. If the quad, before taxes, retails for $11 398. PST and GST need to applied.


a) Calculate his monthly payment


b) Calculate his total repaid over the 24 months.


c) If he was able to put a down payment on the quad of $1000, how would this affect his monthly payment specifically?