Solve the Problem Using the Loan Payoff Table or an Amortization

question 60

Multiple Choice

Solve the problem using the loan payoff table or an amortization table.
-Marge and Tom Martin bought a new car for $26,500. They agreed to pay 20% down and make monthly payments for 4 years at 10% (compounded monthly) to pay off the rest. Find the amount of each monthly payment.

• A)$2,142.08
• B)$684.06
• C)$537.63
• D)$672.11

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