SOLUTION: You are borrowing $7400 to buy a car. If you pay the loan off in 3 years (36 months), estimate your monthly payment by ignoring interest and rounding down the amount owed. (Round y

Question 1107904: You are borrowing $7400 to buy a car. If you pay the loan off in 3 years (36 months), estimate your monthly payment by ignoring interest and rounding down the amount owed. (Round your answer to the nearest cent.)
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Ignoring interest and rounding down, 7200/36=$200 a month. The actual monthly payment will be more, but this is a decent estimate (and indeed, the author once did that to show that the monthly payment was far too high, saving himself $750 a year in charges).
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