A car valued at $11 400 can be purchased for 10% down and monthly payments of $286.21

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A car valued at $11 400 can be purchased for 10% down and monthly payments of $286.21 for three-and-a-half years. What is the nominal rate of interest compounded annually?

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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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Question Posted: Sep 21, 2024 05:20 AM

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A car valued at $11 400 can be purchased for 10% down and monthly payments of $286.21 for three-and-a-half years. What is the nominal rate of interest compounded annually?
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A car valued at $11 400 can be purchased for 10% down and monthly payments of $286.21

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PV 11 40000 010 11 40000 10 26000 ...View the full answer

Contemporary Business Mathematics with Canadian Applications

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