Compute the monthly payment

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Reference no: EM13834768

An individual is considering the purchase of a used automobile. The total price is $6200 with $1240 as a down payment and the balance paid in 48 equal monthly payments with interest at 1% per month. The payments are due at the end of each month. Compute the monthly payment.

1. $130.45

2. $180.18

3. $215.20

4. $318.10

Reference no: EM13834768

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