Question
You have just purchased a new car. You made a down payment of $5,000 and financed the balance. According to the purchase agreement, you must
You have just purchased a new car. You made a down payment of $5,000 and financed the balance. According to the purchase agreement, you must pay $450 per month for four years, beginning one month from today. The credit agreement is based on an annual interest rate of 12%. What was the cost of the car?
| a. | $8,733.74
| |
| b. | $21,405
| |
| c. | $22,088
| |
| d. | $26,600 |
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Montgomerys Auditing Classic Reprint Series
Authors: Robert Hiester Montgomery
1st Edition
1390439356, 978-1390439359
