### Compute the monthly payment

##### Reference no: EM13834768

An individual is considering the purchase of a used automobile. The total price is \$6200 with \$1240 as a down payment and the balance paid in 48 equal monthly payments with interest at 1% per month. The payments are due at the end of each month. Compute the monthly payment.

1. \$130.45

2. \$180.18

3. \$215.20

4. \$318.10

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