I need some help with calculating interest on a value loan

[bucknaged]

The vehicle is price at 45,338.99 with a five year loan at 3.9% interest
My formula that i am using 45,338.99(1.039)^5

Though my total should be 49,976.52

monthly payments I took the formula that I included here and dividing by 60

Though, my answer should be 832.94 per month
I tried several different formulas, not getting this answer

I'm trying to compute this into excel, and then using the goal seek, to perform a what if analysis

Thanks for any help
Adam

 

[Deleted member 4993]

The vehicle is price at 45,338.99 with a five year loan at 3.9% interest
My formula that i am using 45,338.99(1.039)^5

Though my total should be 49,976.52

monthly payments I took the formula that I included here and dividing by 60

Though, my answer should be 832.94 per month
I tried several different formulas, not getting this answer

I'm trying to compute this into excel, and then using the goal seek, to perform a what if analysis

Thanks for any help
Adam

Use the PMT function in excelto calculate your payment.

 

[BankerFromCyprus]

The vehicle is price at 45,338.99 with a five year loan at 3.9% interest
My formula that i am using 45,338.99(1.039)^5

Though my total should be 49,976.52

monthly payments I took the formula that I included here and dividing by 60

Though, my answer should be 832.94 per month
I tried several different formulas, not getting this answer

I'm trying to compute this into excel, and then using the goal seek, to perform a what if analysis

Thanks for any help
Adam

the monthly payment can be found with Excel PMT function as follows

=PMT( 3.9%/12, 5*12, 45338.99, 0, 0)

It gives a monthly payment of $-832.94 the negative sign is for outgoing cash flow