Hadeel borrows money in the senior year to buy a new car. The car dealership allows to defer payments for 12 months, and Hadeel makes 36 end of month payments thereafter. If the original loan is $24,000 and interest rate is 0.5% per month on the unpaid balance, how much will Hadeel payments be?   $698.80 $774.62 $620.65 $700.56

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Hadeel borrows money in the senior year to buy a new car. The car dealership allows to defer payments for 12 months, and Hadeel makes 36 end of month payments thereafter. If the original loan is $24,000 and interest rate is 0.5% per month on the unpaid balance, how much will Hadeel payments be?

 

    1. $698.80
    2. $774.62
    3. $620.65
    4. $700.56

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