You borrow $6,130 to buy a car. The loan requires monthly payments for 7 years, and the
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Question:
You borrow $6,130 to buy a car. The loan requires monthly payments for 7 years, and the interest rate is 8 percent annually with monthly compounding. What is the amount of each payment? Assume the first payment is due in one month.
A) $86.34
B) $95.54
C) $88.34
D) $53.63
E) $54.68
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