A car loan with a present value of $28,000 will be repaid with end-of-month payments of $472.01
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A car loan with a present value of $28,000 will be repaid with end-of-month payments of $472.01 for six years. What monthly compounded nominal rate and effective rate were paid on this loan?
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Given Rounding up it will take 123 quarters or 1234 30 years 9 mo...View the full answer
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Related Book For
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
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