Carin is planning to buy a used car that is on sale for $16,249. The dealer is offering 0% financing for a 4-year loan. The salesperson tells Carin that, with a down payment of $1000, her loan payment will be about $194 per month for 4 years. Use your own estimate to decide which phrase best describes the salesperson's estimate of Carin's monthly payment.
1. very close to the actual value
2. unreasonably high
3. unreasonably low
4. exactly correct
5. Not enough information is given.
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