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I have tried every formula and I can't figure this out please help (1 point) Diego and Steve are buying a new car. They make
I have tried every formula and I can't figure this out please help
(1 point) Diego and Steve are buying a new car. They make a down payment of $1000 toward the purchase, and they secure a loan from their bank at the interest rate of 8.9% per year, compounded monthly. Under the terms of their finance agreement, they are required to pay $740 per month for 72 months. What is the original purchase price of the car? You have attempted this problem 5 times. Your overall recorded score is 0%. You have unlimited attempts remaining. 1. Accumulated amount, simple interest A=P(1+rt) 2. Accumulated amount, noncontinuous compound interest A=P(1+mr)mt 3. Accumulated amount, continuous compound interest A=Pert 4. Present value, simple interest P=A(1+rt)1 5. Present value, noncontinuous compound interest P=A(1+mr)mt 6. Accumulated amount, continuous compound interest P=Aert 7. Effective rate, noncontinuous case reff=(1+mr)m1 8. Effective rate, continuous case reff=er1 9. Future value of an annuity S=R[mm(1+mr)mt1] 10. Present value of an annuity (cash price) P=R[mm1(1+mr)mt] 8. Effective rate, continuous case reff=er1 9. Future value of an annuity S=R[mr(1+mr)mt1] 10. Present value of an annuity (cash price) P=R[mm1(1+mr)mt] 11. Amortization (payment of a loan) R=1(1+mr)mtPmr 12. Sinking fund (savings account) payment R=(1+mr)mt1Smr Step by Step Solution
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