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Q 1 7 ) Assume that you will buy a car for $ 1 0 0 0 0 and plan to finance your purchase with

17)

Assume that you will buy a car for $

10000

and plan to finance your purchase with a bank credit. The related loan arrangement has

24

equal monthly installments and the monthly interest rate charged is

1.50 % .

Find the value of each installment.

(

Ans

.

499.25)

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