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I answered some parts incorrectly. Please Help! Your answer is partially correct. Aerotron Electronics has just bought a used delivery truck for $15,000. The small
I answered some parts incorrectly. Please Help!
Your answer is partially correct. Aerotron Electronics has just bought a used delivery truck for $15,000. The small business paid $1,000 down and financed the rest, with the agreement to pay nothing for the entire first year and then to pay $536.83 at the end of each month over years 2, 3, and 4 (first payment is in 13th month). a. What nominal interest rate is Aerotron paying on the loan? 12.96 % b. What effective interest rate are they paying? 13.76 % Round your answer to 4 decimal places for a and b. The tolerance is +0.0005. 0 c. How much of the 14th month's payment is interest? How much is principal? payment interest = $ 536.83 , and principal = $ d. How much of the 18th month's payment is interest? How much is principal? payment interest = $ 230.56 , and principal = $ e. How much of the 22nd month's payment is interest? How much is principal? payment interest = $ 135.17 , and principal = $ 306.27 401.66Step by Step Solution
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