A car loan with a present value of $28,000 will be repaid with end-of-month payments of $472.01

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A car loan with a present value of $28,000 will be repaid with end-of-month payments of $472.01 for six years. What monthly compounded nominal rate and effective rate were paid on this loan?

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Fundamentals Of Business Mathematics In Canada

ISBN: 9781259370151

3rd Edition

Authors: F. Ernest Jerome, Jackie Shemko

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Question Posted: Oct 21, 2020 05:01 AM

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A car loan with a present value of $28,000 will be repaid with end-of-month payments of $472.01

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Given Rounding up it will take 123 quarters or 1234 30 years 9 mo...View the full answer

Fundamentals Of Business Mathematics In Canada

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