Congratulations! You have just agreed on the final price for your new car and now you have to finance the purchase. The negotiated price of the new car is $18,500 and you will receive $5,500 for your trade-in

What will your monthly payment be on a 48-month loan with a 7% APR?
A) $281.25
B) $311.30
C) $385.42
D) $443.01

Answer: B