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Example 3: You go to buy a car. The car dealer settles on a price of $25,000 for you to purchase the car. You decide
Example 3: You go to buy a car. The car dealer settles on a price of $25,000 for you to purchase the car. You decide to finance the car, and they agree to loan you the money at a nominal annual interest rate (APR) of 4%, but the interest will be compounded monthly. If you take out a 3 year (i.e. 36 month) loan, what will your monthly payments be? #3
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Public Finance Fundamentals
Authors: K. Moeti
3rd Edition
148512946X, 9781485129462
