You have just purchased a car on credit for $3,000 with money down. The dealership has asked
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Question:
You have just purchased a car on credit for $3,000 with money down. The dealership has asked you to pay for the car by making 20 equal monthly payments of blended principal and interest beginning 1 month for now. The state rate on the loan is 12% APR. How much is each payment?
a. $37.52
b. $166.25
c. $212.87
d. none of the above
e. $125.84
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