Question

You want to buy a new sports car from Muscle Motors for $37,000. The contract is in the form of a 36-month annuity due at a 8.25 percent APR. |

Required: |

What will your monthly payment be? |

rev: 09_17_2012

$1,163.72

$1,178.89

$1,155.77

$1,097.98

$1,132.66

Answer #1

**Given,**

**Cost of car = $37000**

**APR = 8.25% or 0.0825**

**No. of months (n) = 36 months**

**Solution :-**

**Monthly rate (r) = 0.0825 x 1/12 = 0.006875**

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