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6 Chrome File Edit View History Bookmarks Tab Window Help '3' 33%- Sun8:20PM Q People Course Home _ B mathxl.com/Student/PlayerTest.aspx?testld=222669350¢erwm=yes C A Not Secu FIN3403 Financial Mgt, Fall 2020 - M W 11/03/20 3:20 PM o wcwms Test: Test #1 (1 attempt) Time Remaining: 03:14:55 Submit Test This Question: 4 pts 4 1 of 23 (0 complete) 7 y This Test: 100 pts possible COMM Home News a '" Asslgnments Monthly loan payments Personal Finance Problem Tlm Smith is shopping for a used luxury car. He has found one priced at $26,000. The dealer has told Tlm that if he can come up with a down payment of $5,500, the dealer will nance the balance of the price at a 8% annual rate over 3 years (36 months). (Hint: Use four Study Plan decimal places for the monthly interest rate in all your calculations.) ' W by 2 Weeks V Results 3. Assuming that Tim accepts the dealers offer, what will his monthly (end-otmonth) payment amount be? I). Use a nancial calculator or spreadsheet to help you gure out what Tim's monthly payment would be if the dealer were willing to nance the balance of the car SAT price at an annual rate of 3.4%? _ Pearson eText 14 a. 'I'Im's monthly (end-otmonth) payment amount is $ . (Round to the nearest cent.) Multlmedla lerary b. Tlm's monthly payment, if the dealer were willing to finance the balance of the car price at an annual rate of 3.4%, would be $ . (Round to the nearest cent.) Financial Calculator 21 Chapter Resources Dynamic Study Modules Communication Tools Enter your answer in each of the answer boxes