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Sally Ray Borrowed $38,000 to Buy a New Chevy

Question 29

Multiple Choice

Sally Ray borrowed $38,000 to buy a new Chevy Volt. Assuming an interest charge of $4,100, what will be her monthly payment if she takes 25 months to repay the loan interest. Assume the loan is repaid in equal payments.


A) $1,520
B) $1,684
C) $1,864
D) $1,250
E) None of these

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