Sammi purchased a used car costing $30,000 by taking out a 4.5% add-on loan. The loan requires a 17% down payment and equal monthly payments for 5 years. How much are his monthly payments? a. $466.88 b. $495.00 c. $508.38 d. $635.47
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So, the down payment is 0.17 * $30,000 = $5,100. Show more…
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