ase a used sports utility vehicle costing $30,000 by taking out a 9% add-on installment loan. The loan requires a 15% down payment and equal monthly payments for 5 years. How much are your monthly payments?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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You purchase a used sports utility vehicle costing $30,000 by taking out a 9% add-on installment loan. The loan
requires a 15% down payment and equal monthly payments for 5 years. How much are your monthly payments?
  

Group of answer choices
$616.25
$695.24
$709.52
$776.19
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