Multiple Choice
Auto Loans R Them loans you $24,000 for four years to buy a car.The loan must be repaid in 48 equal monthly payments.The annual interest rate on the loan is 9 percent.What is the monthly payment?
A) $500.92
B) $543.79
C) $563.82
D) $597.24
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q6: John has to pay $1,000 per month
Q7: It is your 6th birthday today.You have
Q8: The present value of a deferred annuity
Q9: You have $25,000 in an investment account
Q10: You believe in the power of compounding
Q12: The same underlying formula is used for
Q13: You borrow $25,000 to buy a car,and
Q14: One bank offers you 4% interest compounded
Q15: Bill saves $3,000 per year in his
Q16: You estimate you'll need $200,000 per year