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Elizabeth bought a car for $54,000 by making a downpayment of $14,040 and weekly payments at the end of every week for 7 years. Interest
Elizabeth bought a car for $54,000 by making a downpayment of $14,040 and weekly payments at the end of every week for 7 years. Interest is 2.92% compounded annually.
1. What are the weekly payments, rounded to the nearest cent?
P/Y =? C/Y = ? N = ? I/Y =?
PV = $ ? PMT = $? FV = $ ?
2. What is the cost of financing?
Cost of Financing = $ ? (enter a positive value, rounded to the nearest cent)
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