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Step-by-step explanation:
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monthly payment according to interest rate will be $130.45
What is interest rate?
An interest rate is that the quantity of interest due per amount, as a proportion of the quantity lent, deposited, or borrowed. the full interest on an quantity Lententide or borrowed depends on the corpus, the charge per unit, the change of integrity frequency, and also the length of your time over that it's Lententide, deposited, or borrowed.
Main body:
The amount to be repaid in 48 monthly payments = Cost of the automobile - Down Payment ($1240)
A = P(A/P,i,n)
P = 6200-1240 = $4960
n = 48
i = 1% per month
Hence A= 4.960( A/P, 1%, 48)
A = 4960 (0.0263)
A = $130.45
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