Question
QUESTION 9 You borrow $18,000 from bank to buy a new car. The bank will loan you at an annual interest rate of 12% for
QUESTION 9
You borrow $18,000 from bank to buy a new car. The bank will loan you at an annual interest rate of 12% for 50 months. How much will each monthly payment be?
| a. | $510.26 | |
| b. | $482.37 | |
| c. | $495.41 | |
| d. | $459.23 |
QUESTION 10
Following Question 9, what is the loan balance after making the second payment?
| a. | $17,689.74 | |
| b. | $18,000 | |
| c. | $17,289.74 | |
| d. | $17,438.75 |
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Applied Quantitative Finance
Authors: W.; T. Kleinkow; G. Stahl Hardle
1st Edition
3540434607, 978-3540434603
