Lisa East is considering buying a new Tacoma truck. She has negotiated a purchase price of $32,000.
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Question:
Lisa East is considering buying a new Tacoma truck. She has negotiated a purchase price of $32,000. The length of the loan will be 72 months. She has reviewed her personal budget and can afford a payment of around $500 per month.
Lisa must now negotiate an interest rate. What annual interest rate will get her closest to her desired $500 monthly payment. The interest rate is compounded monthly?
Related Book For
Fundamentals Of Corporate Finance
ISBN: 9780135811603
5th Edition
Authors: Jonathan Berk, Peter DeMarzo, Jarrad Harford
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