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Edna decided to purchase a $15,000 MSRP vehicle at a 5% interest rate for 3 years. The dealership offered her a $1500 cash-back incentive, which she accepted. If she takes all these factors into consideration,
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Apr 3, 2019
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Edna decided to purchase a $15,000 MSRP vehicle at a 5% interest rate for 3 years. The dealership offered her a $1500 cash-back incentive, which she accepted. If she takes all these factors into consideration, what monthly payment amount can she expect?
Mathematics
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Ian Dallas
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Answer:404.61
Explanation:
Lbatson
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Apr 4, 2019
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P = A/D, Where P = Monthly payments, A = Total amount owed = 15,000-1,500 = $13,500,
r = 5% = 0.05, nt = 12*3 = 36
Therefore,
D =
= 33.37
Then,
P = 13,500/44.37 = $404.61
The correct answer is c.
Kumar Saurabh
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Apr 6, 2019
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