Payment of a loan to purchase a new car

Reference no: EM131016948

Tiffany is trying to decide whether or not she can afford the monthly payment of a loan to purchase a new car. The car costs $19,600. She is considering a 5-year loan at 6% interest calculated using the declining balance method. Her monthly payment for a loan of the full amount would be _________ and with a down payment of $7,600 would be _________. (Hint, use table 7.1)

$424.67; $164.67
$378.87; $231.96
$378.87; $146.90
$424.67; $260.00

Reference no: EM131016948

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