You are borrowing $5,340 to buy a car. The terms of the loan call for monthly...

Question

Question

You are borrowing $5,340 to buy a car. The terms of the loan call for monthly payments for 4 years at a 5.50 percent interest

Answer 1

Answer #1

Monthly payment = pmt= Loan + [(1-(1/(1+r^n)}}/r] 5,340 = [(1-(1/1.00458448)}}/0.00458] $124.19

Answer 2

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