Andrea is buying a car for $21,450 she will finance $16,450 of it with a 5 year loan at 2.9% apr what will her monthly auto payment be?
a.$294.85b)$363.38c) 477.66d)$706.32

The monthly payment is $294.85.

Step-by-step explanation:

Given : Andrea is buying a car for $21,450 she will finance $16,450 of it with a 5 year loan at 2.9% APR.  

To find : What will her monthly auto payment be?

Solution :

Formula of monthly payment

Monthly payment,

Discount factor

Where, Amount = $16,450

Rate r= 2.9%=0.029

Time = 5 years  

Now, put all the values we get,

Monthly payment,

Therefore, Option A is correct.

The monthly payment is $294.85.

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step-by-step explanation: