Annual interest rate on the loan

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Reference no: EM13177200

Auto Loans R Them loans you $24,000 for four years to buy a car. The loan must be repaid in 48 equal monthly payments. The annual interest rate on the loan is 9 percent. What is the monthly payment?

a. $500.92
b. $597.24
c. $543.79
d. $563.82  

Reference no: EM13177200

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