Question
A car dealer offers you a car loan with payments of 6,000, semi-annually, for 3 years. If the posted APR on the loan is 3%,
A car dealer offers you a car loan with payments of 6,000, semi-annually, for 3 years. If the posted APR on the loan is 3%, what is the cost of the car?
Enter your response (rounded to 2 decimal places).
Step by Step Solution
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Step: 1
The formula for Present Value of an annuity to calculate the cost of the ...
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
15th edition
1337671002, 978-1337395250
