The loan off in equal monthly payments over five years

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You need to borrow $23,000 to buy a truck. The current loan rate is 7.8% compounded monthly and you want to pay the loan off in equal monthly payments over five years. What is your monthly payment? ( round to the nearest cent) a)$383.33 b) $464.16 c) $477.51 d) $1,814.02 e) None of the above

Reference no: EM131354399

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