You have decided to buy a car this year at a price of $18,000. You're planning...
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You have decided to buy a car this year at a price of $18,000. You're planning to take out a loan for the full price of the vehicle at an interest rate of .5% per month. For the first two years (24 months), you decide to repay $600 per month. How much will you have to pay each month for the remainder of the three-year loan (12 months remain) to exactly pay off the car in full at the end of the three-year term? You have decided to buy a car this year at a price of $18,000. You're planning to take out a loan for the full price of the vehicle at an interest rate of .5% per month. For the first two years (24 months), you decide to repay $600 per month. How much will you have to pay each month for the remainder of the three-year loan (12 months remain) to exactly pay off the car in full at the end of the three-year term?
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To calculate the monthly payment for the remaining 12 months of the loan we need to consider the loa... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025556
8th edition
Authors: Robert Libby, Patricia Libby, Daniel Short
Posted Date:
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