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24 March, 13:22

sarah is taking out 14000 four year new car loan with an apr of 6.75% what is the monthly payment for this loan

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  1. 24 March, 13:50
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    Monthly payment = $18325.6

    Step-by-step explanation:

    From the question,

    P = 14000

    t = 4 years

    R = 6.75%

    To calculate the monthly payment for this loan, let's use the below formula

    Amount = P (1 + 6.75%/12) ^4*12

    Amount = 14000 (1.005625) ^48

    Amount = 18325.633 dollars

    Monthly payment = $18325.6
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