Darren is purchasing a car that costs $12,000. He is taking out a simple interest loan at an annual rate of 3%. If he makes monthly payments over a period of 3 years how much is his monthly payment? $363.33 O$349.12 $333.33

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 16E: Mortgage What is the monthly payment on a 30-year mortgage of $80,000 at 9% interest? What is the...
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Darren is purchasing a car that costs $12,000. He is taking out a simple interest loan at an annual rate of 3%. If he makes monthly payments over a period of 3 years
how much is his monthly payment?
$363.33
$349.12
$333.33
$296.13
Transcribed Image Text:Darren is purchasing a car that costs $12,000. He is taking out a simple interest loan at an annual rate of 3%. If he makes monthly payments over a period of 3 years how much is his monthly payment? $363.33 $349.12 $333.33 $296.13
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