Ans B) $ 85.45
P = | Regular Payments |
PV = | Loan Amount |
r = | rate of interest |
n = | no of periods |
P = | r (PV) |
1 - (1 + r )-n | |
P = | (8%/12)*3500 |
1 - (1 / (1 + 8%/12)^48)) | |
P = | 23.33333333 |
0.27307942 | |
P = | 85.45 |
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