Question

***Pls Help me!!! I'm stuck on this problem!!!

1. 1. Teresa is buying a car for $23,550. She will fiance $19600 of it with a 2-year loan at 2.17 APR.

What will her monthly auto payment be?

A) $426.49
B) $567.40
C) $838.98
D) $839.84

Answer 1

$839.84

Explanation:

Convert the number of years of the loan to number of months. Look at the chart to determine the Monthly Car Loan payment Per $1000 borrowed. Divide the amount to be financed by 1000. Multiply this amount by the rate from the chart.

Correct answer.

Answer 2

Teresa would have a monthly auto payment of $838.98, because based on the chart, she boroughs 1000 for 1 loan and the car costs 23,550. If she is gonna finance 19,600 of it, she will have to pay 838.98 a month. Your taking this from a person who knows lots. I hope this helps :)