Question
Suppose you are buying a car of $26000. The dealer offers that you pay a down payment of $4000 now. Then you will pay the
Suppose you are buying a car of $26000. The dealer offers that you pay a down payment of $4000 now. Then you will pay the balance with equal monthly payments for 42 months with 6% APR compounded monthly. Find:
a) How much is the effective annual interest?
b) How much is the monthly payments?
c) How much is the total interest you will have to pay?
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College Accounting
Authors: Heintz and Parry
20th Edition
1285892070, 538489669, 9781111790301, 978-1285892078, 9780538489669, 1111790302, 978-0538745192
