You Are Buying a Car for $7,500,paying $900 Down in Cash,and

question 45

Multiple Choice

You are buying a car for $7,500,paying $900 down in cash,and financing the balance for 24 months at 6.5 percent,compounded monthly.What is the amount of each monthly loan payment?

• A)$318.64
• B)$294.01
• C)$302.02
• D)$264.78
• E)$245.09

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Definitions:

Unemployment Rate

The ratio of the workforce that is in a state of joblessness while searching for work opportunities.

Unemployment Insurance

A government program that provides temporary financial assistance to individuals who are unemployed through no fault of their own.

Discouraged Workers

Individuals not actively seeking employment due to believing no jobs are available for them, not considered in the count of the unemployed.

CPI

By analyzing the weighted average prices of a diverse assortment of consumer products and services, including transportation, medical care, and food, the Consumer Price Index calculates the overall average price.