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Given that the interest rate is 4.2% nominal annual rate compounded monthly. Suppose buying a vehicle will cost $500000. A bank gives a following payment
Given that the interest rate is 4.2% nominal annual rate compounded monthly. Suppose buying a vehicle will cost $500000. A bank gives a following payment plan: an initial down payment, monthly payment at the end of each month of $1100 for 25 years, and a one time lump sum payment of $75000 in t=8. Find the down payment
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