a) If one borrows $20,000 to purchase a car, repays over 4 years (48 equal monthly payments,

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a) If one borrows $20,000 to purchase a car, repays over 4 years (48 equal monthly payments, starting in one month) interest is 6% = .5% per month; what is their monthly payment?

b) how much interest do they pay over the 4 years?

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Essentials of Accounting for Governmental and Not-for-Profit Organizations

ISBN: 978-0073527055

10th Edition

Authors: Paul A. Copley

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Posted Date: Aug 26, 2020 01:00 PM

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a) If one borrows $20,000 to purchase a car, repays over 4 years (48 equal monthly payments,

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compound interest formula AMOUNT PRINCIPLE 1 r12 12 n ... View the full answer

Essentials of Accounting for Governmental and Not-for-Profit Organizations

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