What is your monthly payment

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Reference no: EM13892136

Suppose you are considering the purchase of a 2011 Ford Explorer. The car costs $22,000 and you plan to make a $2,000 down payment.

a) For a 48 month lease, the APR is 4.9%. What is your monthly payment?

b) What happens to your answer if you extend the loan for an extra year (at the same APR)? What is your monthly payment now?

Reference no: EM13892136

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