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Mr. Howell will pay for his new car in 36 monthly installments. His car loan is for $19,061. How much will he pay each month? Round to the nearest cent.

A. $528.36
B. $530.00
C. $527.81
D. $500.00

1 Answer

4 votes

Final answer:

Mr. Howell's monthly car payment can be calculated by dividing the loan amount ($19,061) by the number of installments (36), which equals $529.47 when rounded to the nearest cent. However, none of the provided options match this calculation exactly.

Step-by-step explanation:

To calculate Mr. Howell's monthly payments for his car loan, we'll simply divide the total loan amount by the number of installments. Mr. Howell has a total car loan of $19,061 and he will pay it off in 36 monthly installments.

The monthly payment can be calculated by dividing the total loan amount by the number of installments:

Monthly Payment = Total Loan Amount / Number of Installments

Monthly Payment = $19,061 / 36

Monthly Payment = $529.472222...

When we round to the nearest cent, the monthly payment Mr. Howell needs to make becomes $529.47. None of the options provided exactly matches this result, so there is likely a discrepancy or additional information that is not included in the provided question (such as interest).

User Hunter Lester
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