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12 June, 22:33

Today, you are borrowing $7,800 to purchase a car. What will be your monthly payment if the loan is for four years at 6.45 percent interest?

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  1. 13 June, 01:26
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    Monthly payment if the loan for four years:

    Given:

    Total loan = $7800

    Interest payment = 6.45 % per year

    Length of payment = 4 years

    Let X = monthly payment in dollars

    X = (7800 + (7800*.0645) (4)) / 4*12

    X = (7800 + (503.10) 4) / 48

    X = (7800+2012.40) / 48

    X = 9812.40/48

    X = 204.43 (rounded off)
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