Question
You purchase a new truck from a local dealer at a cost of $45,000. To pay for your new vehicle you pay a deposit of
You purchase a new truck from a local dealer at a cost of $45,000. To pay for your new vehicle you pay a deposit of $5,000 and borrow the rest from your bank at a rate of 12% compounded monthly. If you pay the loan off in two years, your monthly payments are
| $2,118.31 | ||
| $6,457.47 | ||
| $1,882.94 | ||
| None of the answers provided is correct |
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Practical Financial Management
Authors: William R. Lasher
7th edition
128560721X, 9781133593669, 1133593682, 9781285607214, 978-1133593683
