To buy a car, you borrow $25,000 with a term of three years at an APR...

Question

Question

To buy a car, you borrow $25,000 with a term of three years at an APR of 6.5%. What is your monthly payment?

Please give a detailed answer for how you solved this :)

business finance

Answer 1

Answer #1

Note: Rate is given for annual, we should convert it into monthly rate by dividing by 12.

Answer 2

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