Lowden Company has an overhead application rate of 165% and allocates overhead based on direct material cost. During the current
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The monthly payment for this car loan is equal to: D. $505. 79.
<u>Given the following data:</u>
- Time = 5 years
- Principal = $23,570
- Interest rate = 10.43%
To calculate the monthly payment for this car loan:
Mathematically, the monthly payment on a loan is given by this formula:
<u>Where:</u>
- P is the principal or amount borrowed.
- r is the interest rate.
- M is the monthly payment.
- t is the number of years.
Substituting the given parameters into the formula, we have;
Monthly payment, M = $505.79
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