A commercial bank will loan you 7500 for two years to buy a

Reference no: EM13459176

A commercial bank will loan you $7,500 for two years to buy a car. The loan must be repaid in 24 equal monthly payments. The annual interest rate on the loan is 12% of the unpaid balance. What is the amount of the monthly payments?

a. $282.43

b. $390.52

c. $369.82

d. $353.05

Reference no: EM13459176

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