Is the bank manager correct in his estimate of payment

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A used car you are considering buying is offered for sale for$6800. The bank will lend you $5700 on the car at 15 percentnominal interest, compounded monthly, for 36 months. The bank manager tells you that the payments will be $275.03 per month, bu the seems unsure of his figures. Is the bank manager correct in hisestimate of your monthly payments? If not, what is the correct figure?

Reference no: EM13243972

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