Question
You have decided to buy a car that costs $31,400. Since you do not have a big down payment, the lender offers you a loan
You have decided to buy a car that costs $31,400. Since you do not have a big down payment, the lender offers you a loan with an APR of 6.29 percent compounded monthly for 5 years with the first monthly payment due today. What is the amount of your loan payment?
A) $446.70
B) $611.29
C) $568.31
D) $507.51
E) $444.38
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Financial Markets and Institutions
Authors: Frederic S. Mishkin, Stanley G. Eakins
8th edition
013342362X, 978-0133423624
