An installment contract for the purchase of a car requires payments of $252.17 at the end of

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An installment contract for the purchase of a car requires payments of $252.17 at the end of each month for the next three years. Suppose interest is 8.4% p.a. compounded monthly.
(a) What is the amount financed?
(b) How much is the interest cost?

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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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Question Posted: Feb 26, 2016 03:55 AM

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An installment contract for the purchase of a car requires payments of $252.17 at the end of

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a PMT 25217 i 07 n 36 b Interest 3625...View the full answer

Contemporary Business Mathematics with Canadian Applications

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