Compute the monthly payments for a vehicle that costs ​\$15,600 if...

Question

# Compute the monthly payments for a vehicle that costs ​\$15,600 if...

Compute the monthly payments for a vehicle that costs

​\$15,600

if you financed the entire purchase over

4

years at an annual interest rate of

6.25

percent.​ Also, calculate the loan payments assuming rates of

5.25

percent and

7.25

percent. Compare the total amount spent on the vehicle under each assumption.

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