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You want to buy a new car for € 16667. You will be able to finance...

You want to buy a new car for € 16667. You will be able to finance this with 12% APR loan for 48 months. What will your monthly payments be?

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Answer #1

Monthly interest rate 12%/12 = 1%.

Monthly calculation payment is shown below:

Loan amount = Monthly payment – (1-(1+0.01) 16,667 = Monthly payment x — 0.01 1-0.6202604051 16,667 = Monthly payment x 0.01

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