Question 4 of 13, Step 1 of 1 Correct Michelle bought a new car for $38,000. She paid a 20% down payment and financed the remaining balance for 60 months with an APR of 5.5%. Determine the monthly payment that Michelle pays. Round your answer to the nearest cent, if necessary. Formulas
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The down payment is 20% of the total cost of the car, which is $38,000. Down payment = 20% * $38,000 = $7,600 Show more…
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