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)$294.85
b)$363.38
c) 477.66
d)$706.32

Option A- 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 : The monthly auto payment.

Solution : From the table we get that monthly car loan payment per $1000 borrowed when interest rate is 2.9% on a 60 month loan is

Monthly car loan payment per $1000 borrowed is $17.924

Per $1000 the finance is        

Monthly payment = Monthly car loan × Finance

Therefore, Option A is correct.      

The Monthly payment is $294.85.        

table 3 represents a direct variation function. : )