Question
While buying a new car, Aaron made a down payment of $900 and agreed to make month-end payments of $220 for the next 4 years
While buying a new car, Aaron made a down payment of $900 and agreed to make month-end payments of $220 for the next 4 years and 9 months. He was charged an interest rate of 2% compounded semi-annually for the entire term.
a. What was the purchase price of the car?
Round to the nearest cent
b. What was the total amount of interest paid over the term?
Round to the nearest cent
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Alexander Hamilton On Finance Credit And Debt
Authors: Richard Sylla
1st Edition
0231174012, 978-0231184571
