You are purchasing an automobile priced at $20,000 by borrowing at 12 – McqOptions

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1.	You are purchasing an automobile priced at $20,000 by borrowing at 12% interest compounded monthly. The loan will be repaid in monthly installments for ï¬ve years. What is the constant dollar value (value at the time of ï¬nancing) of the 36th payment of this loan, if the general inï¬‚ation rate is 5% compounded monthly?
A.	361.91
B.	383.66
C.	444.89
D.	396.02
Answer» C. 444.89

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