Question
The purchase price for an item is $13K, and financing it will be 6% annual rate. The first payment is will be two years from
The purchase price for an item is $13K, and financing it will be 6% annual rate. The first payment is will be two years from today. After the first payment, you will make 25 more monthly payments of the same equal amount.
If you pay $3k as your down payment for the item, what will your monthly payment be?
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Financial Markets and Institutions
Authors: Frederic S. Mishkin, Stanley G. Eakins
8th edition
013342362X, 978-0133423624
