Find the Payment Necessary to Amortize the Loan Using the Amortization

question 35

Multiple Choice

Find the payment necessary to amortize the loan using the amortization table. Round to the nearest cent.
-Marge and Tom Martin bought a new car for $30,000. They agreed to pay 25% down and make monthly payments for 4 years at 10% (compounded monthly) to pay off the rest.

• A)$2,273.43
• B)$726.01
• C)$570.60
• D)$760.80

---

Definitions:

C$ Strengthens

When the Canadian dollar increases in value compared to other currencies.

£0.0021

A specific monetary value in British pounds, often representing a small amount of money.

Currency Exchange Rates

The value one currency holds in the exchange for another currency.

Equivalent Amount

A quantity that is equal in value, power, or meaning to another, often used in financial contexts to compare different currencies or investment returns.