Question

In: Finance

Ivan Romanchuk is getting a car loan for $28,400 with a term of 5 years at a rate of 4.60%, His monthly payments will be closest to:

Ivan Romanchuk is getting a car loan for $28,400 with a term of 5 years at a rate of 4.60%, His monthly payments will be closest to:

   A.   $540.61.

    B.   $1,400.68.

    C.   $530.75.

Solutions

Expert Solution

Car loan $28,400
Rate of interest per year 4.60%
Rate of interest per month 0.38%
Number of years 5
Number of payments 60
Monthly payment $530.75

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