ou are borrowing $21,800 to buy a car. The terms of the loan call for monthly payments for five years at 8.25 percent interest. What is the amount of each payment? Group of answer choices $401.12 $391.40 $387.71 $439.76 $444.64
ou are borrowing $21,800 to buy a car. The terms of the loan call for monthly payments for five years at 8.25 percent interest. What is the amount of each payment? Group of answer choices $401.12 $391.40 $387.71 $439.76 $444.64
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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Question
ou are borrowing $21,800 to buy a car. The terms of the loan call for monthly payments for five years at 8.25 percent interest. What is the amount of each payment?
Group of answer choices
$401.12
$391.40
$387.71
$439.76
$444.64
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