Question
A purchase agreement for a $22,000 truck requires 60 equal payments every six months. If the first payment is due one year after the date
A purchase agreement for a $22,000 truck requires 60 equal payments every six months. If the first payment is due one year after the date of purchase and interest is charged at 18% compounded monthly, what is the size of each payment?
A. $2065.46
B. $1888.95
C. $1991.31
D. $2469.50
E. $2258.47
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Financial Markets and Institutions
Authors: Frederic S. Mishkin, Stanley G. Eakins
5th edition
321280299, 321280296, 978-0321280299
