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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?

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 6.3k 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?

asked
User Danack
by
7.7k points

1 Answer

4 votes
32,000 (Price of Car) x 4.25% (Interest) = 1,360 Divided 72 months (6 year interest) = $463.33/Month
answered
User Sunil Kashyap
by
7.5k points
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