Question
You want to buy a new car, but you can make an initial payment of only $1755 and can afford monthly payments of at most
You want to buy a new car, but you can make an initial payment of only $1755 and can afford monthly payments of at most $552. If the interest rate is 9.6 percent per year compounded monthly and you finance the purchase over 60 months, what is the maximum price you can pay for the car?
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International Financial Management
Authors: Cheol Eun, Bruce Resnick
7th Edition
0077861604, 9780077861605
