Answer:
The monthly payment, PMT = $450.71
Therefore the correct option is C.) $450.71
Step-by-step explanation:
i) Value of Loan, or Present value, PV = 24000
ii) Annual percentage rate , APR = 0.048
iii) number of periods, n = 12
iv) periodic interest, R = APR / n = 0.048 / 12 = 0.004
v) number of years, t = 5
v) Monthly Payment, PMT = [tex]\frac{PV\times R}{1 - (1 + R)^{(-1\times n \times t})} = \frac{24000 \times 0.004}{1 - ( 1 + 0.004)^{-60}}[/tex] = $450.71
