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Please express in nominal terms. You purchase a car for $20,000 with $5,000 down and the remaining $15,000 financed at an APR of 10percentage compounded
Please express in nominal terms.
You purchase a car for $20,000 with $5,000 down and the remaining $15,000 financed at an APR of 10percentage compounded monthly over 5 years. Suppose you make monthly payments. What are the monthly payments? What effective annual rate do you pay? Harder: Suppose you only make quarterly payments, compounding is still monthly. What are your quarterly payments? What effective annual rate do you payStep by Step Solution
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