A commercial bank will loan you $7,500 for two years to buy a car. - 4196

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Request Description

A commercial bank will loan you $7,500 for two years to buy a car. The loan must be repaid in 24 equal monthly payments. The annual interest rate on the loan is 12% of the unpaid balance. What is the amount of the monthly payments?

a.$282.43

b.$390.52

c.$369.82

d.$353.05

 
Solution Description

A commercial bank will loan you $7,500 for two years to buy a car. The loan must be repaid in 24 equal mon