Tracey purchased a new car with zero down payment and agreed to make payments of $360 at
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Tracey purchased a new car with zero down payment and agreed to make payments of $360 at the end of each month for seven years. After five years, she found she needed a larger vehicle to accommodate her growing family, so she traded the car in to the same dealership for an SUV. Her payments increased to $425 per month. If interest was 4.98% compounded monthly, what was amount she financed?
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To calculate the amount Tracey financed we can use the formula for compound interest to determine th...View the full answer
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Related Book For
Contemporary Business Mathematics With Canadian Applications
ISBN: 9780135285015
12th Edition
Authors: Ali R. Hassanlou, S. A. Hummelbrunner, Kelly Halliday
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