Question
This set of problems is designed to be calculated using the Excel or financial calculator. Do not use financial tables to calculate these problems. A
This set of problems is designed to be calculated using theExcel or financial calculator.Do not use financial tables to calculate these problems.
A commercial bank will loan you $32,169 for 6 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 11.45 percent of the unpaid balance. What is the amount of the monthly payments?
Round the answer to two decimal places.
Your Answer:
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Analysis for Financial Management
Authors: Robert C. Higgins
12th edition
1259918963, 9781260140729 , 978-1259918964
