You wish to buy a $10,000 dining room set. The furniture store offers you a 3-year loan

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You wish to buy a $10,000 dining room set. The furniture store offers you a 3-year loan with an 11 percent APR. What are the monthly payments? How would the payment differ if you paid interest only? What would the consequences of such a decision be?

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Finance Applications and Theory

ISBN: 978-0077861681

3rd edition

Authors: Marcia Cornett, Troy Adair

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Question Posted: Sep 23, 2014 10:26 AM

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You wish to buy a $10,000 dining room set. The furniture store offers you a 3-year loan

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Use equation 59 Or N3 x 12 I1112 PV10000 FV0 CPT PMT 32739 If you only p...View the full answer

Finance Applications and Theory

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