Question
Assume that a banks advertisement offers a loan at 12% APR. Suppose that to buy the car you want with the above loan, you will
Assume that a banks advertisement offers a loan at 12% APR. Suppose that to buy the car you want with the above loan, you will have to make payments of $250 per month for 4 years with the first payment made in 7 months. What is the effective cost of this car if you buy it using the loan?
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Solution To calculate the effective cost of the car using the loan we need to fin...
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Contemporary Engineering Economics
Authors: Chan S. Park
5th edition
136118488, 978-8120342095, 8120342097, 978-0136118480
