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15. Katarina wants to take out a loan to purchase a Chevy Cruze. The car...

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Finance

15. Katarina wants to take out a loan to purchase a Chevy Cruze. The car is purchased for $23,530. Her credit has allowed her to secure a loan with a 10% down payment and a nominal interest rate of 7.2%, compounded monthly. Katarina's financing plan would require equal monthly payments of over the next 5 years, with payments made at the end of each month (after having paid the down payment). a. $400.17 b. $421.33 c. $449.11 d. $468.15 e.

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