Question
Luis made a down payment of $14,000 toward the purchase of a new car. To pay the balance of the purchase price, he has secured
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Luis made a down payment of $14,000 toward the purchase of a new car. To pay the balance of the purchase price, he has secured a loan from Lauren at the rate of 5.19%/year compounded monthly. Under the terms of his finance agreement, he is required to make payments of $570/month for 81 months. What is the cash price of the car?
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Islamic FinanceA Practical Perspective
Authors: Nafis Alam, Lokesh Gupta, Bala Shanmugam
1st Edition
3319665588, 9783319665580
