Jacob purchased a car for $14,000. If the loan amount is $12,000, term is 4 years, and the APR is 8%, what is his monthly loan payment (rounded to the nearest dollar)?

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The monthly loan payment can be calculated using the formula:Monthly payment = (Loan amount * APR / 12) / (1 - (1 + APR / 12)^(-12 * Term))Plugging in the given values, we get:Monthly payment = (12000 * 0.08 / 12) / (1 - (1 + 0.08 / 12)^(-12 * 4))= 293.33Rounding to the nearest dollar, the monthly loan payment is $293.

Jacob Purchased a Car for $14,000