Question
A customer has taken a car loan from a bank for $20,000 with an interest rate of 7% per annum compounded monthly for 3 years.
A customer has taken a car loan from a bank for $20,000 with an interest rate of 7% per annum compounded monthly for 3 years. Calculate the total amount of interest and the total repayment amount for the loan.
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Contemporary Financial Management
Authors: James R Mcguigan, R Charles Moyer, William J Kretlow
10th Edition
978-0324289114, 0324289111
