You are interested in purchasing a new automobile that costs $35.000. The dealership offers you a special financing rate of 6 in APR for 48 months. The repayment needs to be made on the monthly frequency. Assume that you do not make any down payment on the auto and take the dealer's financing deal. What is your monthly car payment? O $1533.4 O S8.059.65 O s821.98 O 5729.2
You are interested in purchasing a new automobile that costs $35.000. The dealership offers you a special financing rate of 6 in APR for 48 months. The repayment needs to be made on the monthly frequency. Assume that you do not make any down payment on the auto and take the dealer's financing deal. What is your monthly car payment? O $1533.4 O S8.059.65 O s821.98 O 5729.2
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 15P
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![You are interested in purchasing a new automobile that costs $35,000. The dealership offers you a special financing rate of 6% in APR for 48 months. The repayment needs to be made on the monthly frequency. Assume that you do not make any down payment on the auto and take the dealer's financing deal. What is your monthly car payment?
O $1533.4
O $8,859.65
O $821.98
O $729.2](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F36c16d30-8080-41a6-9b28-34917665af49%2F4c0eff5e-7f54-4134-92e0-f4178c1855e1%2Fs1xx67h_processed.png&w=3840&q=75)
Transcribed Image Text:You are interested in purchasing a new automobile that costs $35,000. The dealership offers you a special financing rate of 6% in APR for 48 months. The repayment needs to be made on the monthly frequency. Assume that you do not make any down payment on the auto and take the dealer's financing deal. What is your monthly car payment?
O $1533.4
O $8,859.65
O $821.98
O $729.2
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