Raia purchases a new car for $32,000 and finances it with a 6-year simple interest loan at a rate of 4.25%. What are Raia’s monthly car payments?

asked Aug 25, 2021 6.2k views

2 votes

Raia purchases a new car for $32,000 and

finances it with a 6-year simple interest
loan at a rate of 4.25%. What are Raia’s
monthly car payments?

4.5k points

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4 votes

32,000 (Price of Car) x 4.25% (Interest) = 1,360 Divided 72 months (6 year interest) = $463.33/Month

Sunil Kashyap answered Aug 31, 2021

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