Moulton Motors is advertising the following deal on a used Honda Accord: Monthly Payments of $245.00 for
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Moulton Motors is advertising the following deal on a used Honda Accord: “Monthly Payments of $245.00 for the next 48 months and this beauty can be yours!” The sticker price of the car is $9,845.00. If you bought the car, what interest rate would you be paying in both PAR and EAR terms? What is the amortization schedule of these forty-eight payments?
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The periodic or monthly interest rate r is the solution to the equation PV Payment x 1 11r n r 9845 ...View the full answer
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