Mark Green is considering buying a new Honda Accord. The purchase price of the car...
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Accounting
Mark Green is considering buying a new Honda Accord. The purchase price of the car is $27,000. Mark will make a down payment equal to 15% of the purchase price and borrow the remainder from his bank. The bank will charge 8% APR for the loan and require monthly payments over the next 4 years. What is the size of Marks monthly payments?
| A. | $560.28 | |
| B. | None of the other responses are correct | |
| C. | $607.50 | |
| D. | $659.15 | |
| E. | $478.13 |
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