Question
HW 3C Question 2 This set of problems is designed to be calculated using the Excel or financial calculator . You can also use algebraic
HW 3C
Question 2
This set of problems is designed to be calculated using the Excel or financial calculator. You can also use algebraic formulas. Do not use financial tables to calculate these problems.
A commercial bank will loan you $57,172 for 6 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 17.46 percent of the unpaid balance. What is the amount of the monthly payments?
Round the answer to two decimal places.
Your Answer:
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Analysis for Financial Management
Authors: Robert c. Higgins
8th edition
73041807, 73041803, 978-0073041803
