Question
Charlie convinced his parents to loan him $200,000 at three percent interest per annum to buy his dream car, but he must pay back the
Charlie convinced his parents to loan him $200,000 at three percent interest per annum to buy his dream car, but he must pay back the loan in four years.
a. How much is Charlies monthly payment? (5 marks)
b. What is the effective annual rate of the loan?
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Personal Finance After 50 For Dummies
Authors: Eric Tyson
3rd Edition
978-1119724186
