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You are ready for buying your new car. After the down payment, you need to pay $490 a month for five years term. If quoted
You are ready for buying your new car. After the down payment, you need to pay $490 a month for five years term. If quoted auto loan rate is 6.5% APR compounded monthly, how much auto loan can you borrow for your new car purchase?
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The loan amount P can be calculated using the formula for a loan payment P A frac11 rn ightnt ...
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Fundamentals Of Corporate Finance
Authors: Jonathan Berk, Peter DeMarzo, Jarrad Harford
5th Edition
0135811600, 978-0135811603
