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Joe Cool takes out a loan to buy a new car by paying $7,300 cash and agreeing to make 30 monthly payments of $540 each,
Joe Cool takes out a loan to buy a new car by paying $7,300 cash and agreeing to make 30 monthly payments of $540 each, the first payment to be made one month after the purchase. The loan bears Interest at an annual rate of 12%. What is the purchase price of the car? PV of $1. FV of $1. PVA of $1. and FVA of $1 (Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimal places.) Monthly Payment Table Factor Present Value of Loan Table Values are Based on: Present Value of Loan Cash Down Payment Cost of the Automobile
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