On January 1, Frank Jenson bought a used car for $4200 and agreed to pay for it
Question:
On January 1, Frank Jenson bought a used car for $4200 and agreed to pay for it as follows: 1/3down payment; the balance to be paid in 36 equal monthly payments; the first payment due February loan annual interest rate of 9%, compounded monthly.
(a) What is the amount of Frank's monthly payment?
(b) During the summer, Frank made enough money to cause him to decide to payoff the entire balance due on the car as of October 1. How much did Frank owe on October 1?
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a Bills monthly payment 23 4200 AP 075 36 2800 00318 8904 ...View the full answer
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