Question
1. You want to buy a piece of farm equipment for $70,000 and the finance office has quoted you a loan with an APR of
1. You want to buy a piece of farm equipment for $70,000 and the finance office has quoted you a loan with an APR of 6% compounded monthly for 60 months to make the purchase. What will your monthly payments be? What is the effective annual rate on this loan?
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Personal Finance
Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes
11th International Edition
1259094901, 9781259094903
