Question
You want to buy a car costing $36,000. You decide to finance it with a 10-year loan with a downpayment of $6,000 at an interest
You want to buy a car costing $36,000. You decide to finance it with a 10-year loan with a downpayment of $6,000 at an interest rate of 7%.
How much is your payment at the end of each year?
Calculate the appropriate loan table, showing the breakdown in each year between principal and interest. (Assume annual payments).
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Contemporary Engineering Economics
Authors: Chan S. Park
5th edition
136118488, 978-8120342095, 8120342097, 978-0136118480
