You have decided to buy a car that costs 27400. Since you do not have a...

You have decided to buy a car that costs 27400. Since you do not have a big down payment, the lender offers you a loan with an APR of 6.09 percent compounded monthly for 7 years with the first monthly payment due today. What is the amount of your loan payment

Expert Solution

Using financial calcultoar, setting the below:
PV=27400
N=12*7=84
I/Y=6.09%/12
FV=0
CPT PMT=$401.46

Monthly loan payment is $401.46

jeff jeffy answered 2 years ago

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