QUESTIONS 19 THROUGH 32 RELATE TO QUANTITATIVE METHODS

26. A consumer purchases an automobile using a loan. The amount borrowed is €30,000 and

the terms of the loan call for the loan to be repaid over five years using equal monthly

payments with an annual nominal interest rate of 8% and monthly compounding. The

monthly payment is closest to:

A. €608.29.

B. €626.14.

C. €700.00.

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