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Mark Green is considering buying a new Honda Accord. The purchase price of the car...

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Question

Accounting

Mark Green is considering buying a new Honda Accord. The purchase price of the car is $27,000. Mark will make a down payment equal to 15% of the purchase price and borrow the remainder from his bank. The bank will charge 8% APR for the loan and require monthly payments over the next 4 years. What is the size of Marks monthly payments?

A.

$560.28
B.

None of the other responses are correct
C.

$607.50
D.

$659.15
E.

$478.13

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