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You want to buy a new sports car from Muscle Motors for $58,000. The contract is...

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Question

Finance

You want to buy a new sports car from Muscle Motors for $58,000.The contract is in the form of a 48-month annuity due at a 6.50percent APR.

Required:

What will your monthly payment be?

  1. $1,395.42
  2. $1299.65
  3. $1,340.70
  4. $1,368.06
  5. $1,375.47

Answer & Explanation Solved by verified expert
4.0 Ratings (449 Votes)
Information providedPresent value 58000Time 48 monthsInterest rate 65012 05417 per monthThe question is concerning finding the monthly payment of anannuity due Annuity    See Answer
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Transcribed Image Text

You want to buy a new sports car from Muscle Motors for $58,000.The contract is in the form of a 48-month annuity due at a 6.50percent APR.Required:What will your monthly payment be?$1,395.42$1299.65$1,340.70$1,368.06$1,375.47

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