Calculate the monthly payment required for a 60-month automobile loan made by the lender at 7.12%...

Calculate the monthly payment required for a 60-month automobile loan made by the lender at 7.12% annual percentage rate (APR) if the car buyer borrowed $40,000.

Expert Solution

years =total month /12=60/12=5 years

the monthly payment =$794

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Rahul Sunny answered 2 years ago

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