Kenneth bought a car for $16,200, but he received $900 cash back. He will make monthly payments

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Kenneth bought a car for $16,200, but he received $900 cash back. He will make monthly payments at a 4.56% APR, compounded monthly, for 36 months. Kenneth is wondering how much money he saved by receiving the cash back.

Answer the Following:

Part I: How much will Kenneth have left to pay after receiving the cash back?

Part II: What is the periodic rate at which Kenneth will be charged interest?

Part III: What will Kenneth's monthly payment be?

Part IV: What would Kenneth's monthly payment have been if he hadn't received the cash back?

Part V: How much money did Kenneth save by receiving the cash back?

Related Book For answer-question

Engineering Economy

ISBN: 978-0132554909

15th edition

Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

See More Books

Posted Date: Apr 08, 2023 01:06 AM

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Kenneth bought a car for $16,200, but he received $900 cash back. He will make monthly payments

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Engineering Economy

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