Andrea is buying a car for $21,450 she will finance $16,450 of it with a 5 year loan at 2.9% apr what will her monthly auto paym
ent be?
A)$294.85
B)$363.38
C) 477.66
D)$706.32
A)$294.85
B)$363.38
C) 477.66
D)$706.32
1 answer:
Answer:
Option A- 294.85
Step-by-step explanation:
Given : Andrea is buying a car for $21,450 she will finance $16,450 of it with a 5 year loan at 2.9% APR.
To find : The monthly auto payment.
Solution : From the table we get that monthly car loan payment per $1000 borrowed when interest rate is 2.9% on a 60 month loan is
Monthly car loan payment per $1000 borrowed is $17.924
Per $1000 the finance is
Monthly payment = Monthly car loan × Finance
Therefore, Option A is correct.
The Monthly payment is $294.85.
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