Question
A car dealership offers you no money down on a new car. You may pay for the car for 5 years by equal monthly end-of-the-month
A car dealership offers you no money down on a new car. You may pay for the car for 5 years by equal monthly end-of-the-month payments of $714 each, with the first payment to be made one month from today. If the discount annual rate is 4.33 percent compounded monthly, what is the present value of the car payments?
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Financial Derivative Investments An Introduction To Structured Products
Authors: Richard D. Bateson
1st Edition
1848167113, 9781848167117
