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Martha bought a car through financing. She borrowed $25,000 for 5 years with a 5% APR. Based on the table provided below (monthly payment per
Martha bought a car through financing. She borrowed $25,000 for 5 years with a 5% APR. Based on the table provided below (monthly payment per $1,000 borrowed), Marthas monthly payment is:
APR | 3 years | 4 years | 5 years |
5% | $29.98 | $23.03 | $18.88 |
6% | 30.43 | 23.49 | 19.34 |
7% | 30.88 | 23.95 | 19.81 |
8% | 31.34 | 24.42 | 20.28 |
9% | 31.80 | 24.89 | 20.76 |
10% | 32.27 | 25.37 | 21.25 |
Select one:
a. $472
b. $1,250
c. $250
d. $417
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