To purchase a​ car, Sarah took out a​ 60-month loan for ​$28,900 with a 6.1​% annual interest rate. After making 45 ​payments, Sarah received a bonus from work and plans to use it to pay off the remaining balance. Calculate​ Sarah's monthly payment and the amount needed to pay off her loan.

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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To purchase a​ car, Sarah took out a​ 60-month loan for
​$28,900
with a
6.1​%
annual interest rate. After making
45
​payments, Sarah received a bonus from work and plans to use it to pay off the remaining balance. Calculate​ Sarah's monthly payment and the amount needed to pay off her loan.
 
 

 

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