Question
A bank is quoting a car loan as 7.2% APR.This $20,000 loan is for 48 months and equal payments are made monthly.Calculate the amount of
A bank is quoting a car loan as 7.2% APR.This $20,000 loan is for 48 months and equal payments are made monthly.Calculate the amount of the monthly payment for this loan.
A.$416.67
B.None of the other responses are correct
C.$480.78
D.$600.98
E.$446.67
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Contemporary Engineering Economics
Authors: Chan S. Park
5th edition
136118488, 978-8120342095, 8120342097, 978-0136118480
