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Question - You just graduated and moved to an East Cost to join a large multinational company headquartered in New York. While you are settling in your new place, you decide to buy an expensive fridge, which can monitor its contents and order food directly from the store as your supplies are depleted. The fridge cost is $15,000 and the seller is willing to provide financing if you pay down 10%. The store offers 3 and 7 year terms for the loan. You know that the longer term loan will have lower monthly payments and since the funds are tight you decide to take a 7-year loan.  The interest on the loan is 4.50%. What is the monthly payment?

Reference no: EM132787814

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