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What is the amount of each loan payment

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Problem 1: You are buying a previously owned car today at a price of $6,890. You are paying $1000 down in cash and financing the balance for 40 months at 24 percent (APR). What is the amount of each loan payment?

A. $194.40

B. $199.94

C. $209.82

D. $215.31

E. $233.59

Reference no: EM132763153

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