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You want to buy a new Chevy Tahoe which costs $65,000. You can get a loan for 6 years at 4% interest with monthly paymenls.

You want to buy a new Chevy Tahoe which costs $65,000. You can get a loan for 6 years at 4% interest with monthly paymenls. Your loan is fully amortizing, so it will be complelely paid off in 6 years. Ifyou puta

downpayment of $5,000 and borrow the rest, compute the monthly payment on this car loan.

a. $938.71

b. $1,016.94

c. $78.22

d. $953.80

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