Question
You want to buy a car, and a local bank will lend you $25,000. The loan will be fullyamortized over 5 years and the nominal
You want to buy a car, and a local bank will lend you $25,000. The loan will be fullyamortized over 5 years and the nominal interest rate will be 15%. What will be the annual loan payment?
What will be the remaining principal balance at the end of the fourth year?
What will be the interest rate payment for the fifth year?
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Personal Financial Planning
Authors: Lawrence J. Gitman, Michael D. Joehnk, Randy Billingsley
12th Edition
1439044473, 978-1439044476
