Answer: a\ $451.50.
Explanation: To calculate the monthly payment for a car loan, we need to use the loan amount, loan term, and annual percentage rate (APR).
In this case, the loan amount is $24,000, the term is five years, and the APR is 6%.
To calculate the monthly payment, we can use the formula for a fixed-rate loan:
Monthly Payment = (Loan Amount * Monthly Interest Rate) / (1 - (1 + Monthly Interest Rate)^(-Number of Months))
First, let's calculate the monthly interest rate. We divide the APR by 12 to get the monthly rate:
Monthly Interest Rate = (6% / 100) / 12 = 0.005
Next, we calculate the number of months in the loan term:
Number of Months = 5 years * 12 months/year = 60 months
Now, we can substitute these values into the formula:
Monthly Payment = ($24,000 * 0.005) / (1 - (1 + 0.005)^(-60))
After performing the calculations, the monthly payment rounds to approximately $451.50.
Therefore, the correct answer is option a) $451.50. This represents the approximate monthly payment for borrowing $24,000 with a term of five years at an APR of 6%.