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:
A. $540.61.
B. $1,400.68.
C. $530.75.
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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