A Woman Buys a Car for $45,000

question 59

Multiple Choice

A woman buys a car for $45,000. If the interest rate on the loan is 12%, compounded monthly, and if she wants to make monthly payments of $800 for 3 years, how much must she have for a down payment? Round your answer to the nearest dollar. ​

• A)$29,500
• B)$27,103
• C)$20,914
• D)$19,132
• E)$25,050

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