A car loan for $33,550 has an interest rate of 5.25% and is amortized over 60 months.

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A car loan for $33,550 has an interest rate of 5.25% and is amortized over 60 months. What is the monthly payment on the loan?

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Fundamentals of Engineering Economics

ISBN: 978-0132775427

3rd edition

Authors: Chan S. Park

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Posted Date: May 17, 2023 03:40 AM

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A car loan for $33,550 has an interest rate of 5.25% and is amortized over 60 months.

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The formula for a loan payment is P r A 1 1 r n ... View the full answer

Fundamentals of Engineering Economics

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