The interest rate on his loan is 531 percent compounded


Gerritt wants to buy a car that costs $26,500. The interest rate on his loan is 5.31 percent compounded monthly and the loan is for 6 years. What are his monthly payments?

$416.25
$430.60
$439.40
$428.70
$452.13

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Finance Basics: The interest rate on his loan is 531 percent compounded
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