Calculate your monthly payment amount

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Reference no: EM131959745

1. You just bought a used Camry for $13,927. You have decided to borrow the entire purchase price from your dealer at an interest rate of 4.80 percent. The loan terms call for equal monthly payments over four years. Calculate your monthly payment amount.

A. $296.53

B. $319.47

C. $385.67

D. $290.15

2. Simple interest is the inerest earned only on the original principal, but compound interest earned on principal plus the interest earned on interest received.

A. True

B. False

Reference no: EM131959745

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