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Jones has been depositing $150 in a savings account every three months for the past 3 years. This account paid 4% convertible quarterly. Jones has
Jones has been depositing $150 in a savings account every three months for the past 3 years. This account paid 4% convertible quarterly. Jones has just made the last deposit. Jones is buying a car for $8,000. He is taking out a car loan. He will use the accumulated value of his savings account as the down payment on the car. The loan is at 8% interest convertible quarterly and has a term of 4 years. Find the size of Jones' monthly car loan payment. A) Less than $146 At least $146, but less than $147 At least $147, but less than $148 D) At least $148, but less than $149 E $149 or more
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