A Camper Is Purchased for $29,000, and a Down Payment

question 79

Multiple Choice

A camper is purchased for $29,000, and a down payment of $7000 is made. The balance is financed for 1 year at an annual interest rate of 6%. Find the monthly payment.

• A) $975.05
• B) $1893.46
• C) $985.00
• D) $1903.59
• E) $1883.36

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Definitions:

CH4

CH4, methane, is a simple alkane hydrocarbon with one carbon atom bonded to four hydrogen atoms, and is a major component of natural gas.

NH3

Ammonia, a colorless gas with a pungent smell, consisting of nitrogen and hydrogen (NH3).

Diatomic Elements

Molecules composed of only two atoms, of the same or different chemical elements.

Atoms

The basic units of matter and the defining structure of elements, consisting of a nucleus surrounded by electrons.