o finance $14,516.29 on a 3-year car loan. The interest rate for the loan is 6.25%. What is your monthly payment? Group of answer cho
o finance $14,516.29 on a 3-year car loan. The interest rate for the loan is 6.25%. What is your monthly payment? Group of answer cho
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 19E
Related questions
Question
You need to finance $14,516.29 on a 3-year car loan. The interest rate for the loan is 6.25%. What is your monthly payment?
Group of answer choices
$440.95
$443.26
$403.23
$417.19
Expert Solution
Step 1
Introduction:
By making monthly payments, a borrower pays down some of the outstanding balance with interest and can thus continue to borrow from the account. Non-revolving credit accounts differ from revolving credit accounts in that they pay a borrower a principal amount at the time of approval.
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