Question
A commercial bank will loan you $39,246 for 8 years to buy the car. The loan must be repaid in equal monthly payments at the
A commercial bank will loan you $39,246 for 8 years to buy the car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the load is 18.25 percent of the unpaid balance. What is the amount of the monthly payments?
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Essentials Of Corporate Finance
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan
7th Edition
9780073382463
