Terms of the loan call for monthly payments, Finance Basics

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Terms of the loan call for monthly payments

Problem:

You borrow $5,330 to buy a car. The terms of the loan call for monthly payments for 6 years a rate of interest of 7 percent.

Required:

Question: What is the amount of each payment?

$59.78
$84.68
$90.87
$82.96
$59.00

Note: Provide support for your rationale.

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Finance Basics: Terms of the loan call for monthly payments

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Finance Basics: Terms of the loan call for monthly payments

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