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Y ou want to buy a new sports car for $55,000. The contract is in the form of a 60-month annuity due at an APR
You want to buy a new sports car for $55,000. The contract is in the form of a 60-month annuity due at an APR of 5.6 percent, compounded monthly. That is, the first car payment is due before you leave with the car (today), the second payment is made one month from today, and the 60th payment is made 59 months from today. What will be your monthly payment?
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Financial management theory and practice
Authors: Eugene F. Brigham and Michael C. Ehrhardt
13th edition
1439078106, 111197375X, 9781439078105, 9781111973759, 978-1439078099
