Question
A farmer buys a new tractor for $41,000. He makes a down payment of $10,000 and finances the balance at 8.5%bAPR over 48 months. Before
A farmer buys a new tractor for $41,000. He makes a down payment of $10,000 and finances the balance at 8.5%bAPR over 48 months. Before making the 18th payment, the farmer decides to pay the remaining balance on the loan. How much interest will the farmer save (use the actuarial method)?
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Corporate Finance Investment And Advisory Applications
Authors: Jesse McDougall, Patrick Boyle
1st Edition
1530116597, 9781530116591
