A commercial bank will loan you 55480 for 7 years to buy a, Ask an Expert

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A commercial bank will loan you $55,480 for 7 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 14.20 percent of the unpaid balance. What is the amount of the monthly payments?

Round the answer to two decimal places.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91600687

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