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You are considering buying a car that costs $15000 You have arranged to finance $10000 of the purchase price by borrowing money from your bank According to the loan agreement the interest is

You are considering buying a car that costs $15,000. You have arranged to finance $10,000 of the purchase price by borrowing money from your bank. According to the loan agreement, the interest is 6%, compounded monthly, and you must make monthly payments for the next four years. How much are the monthly loan payments?

  $234.85
  $208.33
  $240.49
  $352.28
  None of the answers is correct.
 

Apr 11 2020 View more View Less

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