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The price of the car is $16,000. Down payment is $6,000. Interest rate 10%. Payback period is 6 years. Determine the yearly installments if Case

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The price of the car is $16,000. Down payment is $6,000. Interest rate 10%. Payback period is 6 years. Determine the yearly installments if Case 1. The carmaker does not pay to the bank. Case 2. The carmaker pays $2000 to the bank. (1 + i)" 1 L(1 + i) y- = 0. i 1)" - y1

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