Question
Upon graduation, Jill Valentine plans to purchase a new car. Jill believes that she will be able to secure financing from her credit union for
Upon graduation, Jill Valentine plans to purchase a new car. Jill believes that she will be able to secure financing from her credit union for a 60-month loan with a 5.99 percent annual rate, compounded monthly. Jill has saved up $1500 that she will use as a down payment on the car she plans to purchase, which has a final drive out price of $33,400 (excluding the down payment). If the first payment on Jill Valentines loan (i.e., the drive out price minus her down payment) is due exactly one month after she buys the car, how much will that amount be?
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