Select the correct answer. Taylor wants to purchase a car with an auto loan. He can get a 48-month loan from his bank that is compounded monthly at an annual Interest
rate of 7.996.
Suppose Taylor needs to obtain a loan for $19,076 to purchase the car.
Use the formula for the sum of a finite geometric series to determine Taylor's approximate monthly payment.
Fple)
P =
1- (1 + i)-
OA. Taylor's approximate monthly payment for the loan will be $458.35.
ОВ. Taylor's approximate monthly payment for the loan will be $413.22.
OC. Taylor's approximate monthly payment for the loan will be $546.90.
OD. Taylor's approximate monthly payment for the loan will be $464.81.