A car is financed as follows: $2,000 as down-payment plus equal monthly payments at 8% annual interest rate compounded monthly for 3 years. Original price of the car was $12,000. It is expected that maintenance costs are going to be $700 in the first year increasing by $400 every year thereafter. 

Define the annual worth of this investment?

Answer rating: 100% (QA)

To find the annual worth of this investment we need to calculate the equivalent uniform annual cash ... View the full answer