A
commercial bank will loan you $7,500 for two years to buy a car. The
loan must be repaid in 24 equal monthly payments. The annual interest
rate on the loan is 12% of the unpaid balance. What is the amount of the
monthly payments?
a.$282.43
b.$390.52
c.$369.82
d.$353.05
a.$282.43
b.$390.52
c.$369.82
d.$353.05
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