You Are Considering Purchasing a New Automobile That Will Cost

question 29

Multiple Choice

You are considering purchasing a new automobile that will cost you $28,000.The dealer offers you 4.9% APR financing for 60 months (with payments made at the end of the month) .Assuming you finance the entire $28,000 and finance through the dealer,your monthly payments will be closest to:

• A) $1,454
• B) $527
• C) $467
• D) $478

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Definitions:

Stock Measure

An assessment or quantification of a resource or asset at a specific point in time.

Irving Fisher

An American economist known for his work in the fields of statistics, monetary theory, and interest rates.

Consumption Tax

A tax on the purchase of goods and services.

Income Tax

A tax levied by governments on individuals or businesses based on their income or profits.