Determine the size of your monthly payments

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Reference no: EM13256743

You just bought a new car. You are given the option of paying for the car by making monthly payments of $260.00 at the end of each month for the next 3 years. Unfortunately, you doubt that you can afford $260.00 per month so you may need to go with a longer loan. Determine the size of your monthly payments if you take out a 4 year loan, assuming the interest rate is 3.50% per year, compounded monthly.

Reference no: EM13256743

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