Hua Tran financed a new automobile by paying $7,500 cash and agreeing to make 40 monthly payments

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Hua Tran financed a new automobile by paying $7,500 cash and agreeing to make 40 monthly payments of $500 each, the first payment to be made one month after the purchase. The loan bears interest at an annual rate of 12%. What was the cost of the automobile?
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Financial Accounting

ISBN: 978-0133375534

2nd Canadian edition

Authors: Jeffrey Waybright, Robert Kemp, Sherif Elbarrad

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