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Hana has decided to purchase a new car. She decides to put 15% down and finance the remaining balance. The bank offers Hana a 48 month loan at 6.76%. If the car is valued at $28,000, what will her monthly payments be?

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  1. 8 May, 22:12
    0
    The answer choices are:

    a.$567.27c.$760.12 b.$691.32d.$897.32
  2. 8 May, 22:24
    0
    Hana decided to pay down payment which is 15% of the total value of the car

    DP = be the down payment amount

    DP = 0.15 * $28,000

    DP=$4200

    The bank offers Hana a 48 months loan at 6.76%.

    IA=Interest Amount

    Solving for the monthly payment is shown below:

    MP=Monthly Payment

    MP = ((($28,000-$4200) * 0.067) + ($28,000-$4200)) / 48 months

    MP = (($23800*0.0676) + $23800) / 48 months

    MP=$25408.88/48

    MP=$529.352

    Therefore, the monthly payment is $529.352.
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