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3. You are purchasing a car for $30,000 and will pay $3,000 down payment. The interest rate is 5% annual. Payments will be made at
| 3. You are purchasing a car for $30,000 and will pay $3,000 down payment. The interest rate | ||||
| is 5% annual. Payments will be made at the end of each month for 5 years. | ||||
| The loan is fully paid off after the 5 years. | ||||
| a. Calculate the loan payment | ||||
| b. Prepare an amortization table covering the first 2 payments. | ||||
| c. Record the second payment on the loan | ||||
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Fundamentals Of Financial Management
Authors: Richard Bulliet, Eugene F Brigham, Brigham/ Houston
11th Edition
9781111795207
