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From this partial advertisement: Used car $86.83 per month for 60 months Cash price $3,700 Down payment $50 a. Calculate thec. Calculate the deferred payment price. (Do not round intermediate calculations. Round your answer to the nearest cent.) Ans

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Answer #1

D.

APR is annual percentage rate

APR = Interest rate * Number of period in a year the rate is applied

= 2.37*12

= 28.44

E.

Monthly principal payment = 3650/60 =60.83

Monthly Interest = 86.83

Monthly Payment ==60.83+86.83 = $147.66

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