Posted by **Ronald** on Friday, June 14, 2013 at 4:45am.

The amount to be financed on a new car is $9,500. The terms are 11% for 4 years. What is the monthly payment?

(a) State the type.

future value

ordinary annuity

present value

amortization

sinking fund

(b) Answer the question. (Round your answer to the nearest cent.)

$

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