Alfonzo wants to purchase a new car in 3 years. He plans on putting $12,000 cash down
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Alfonzo wants to purchase a new car in 3 years. He plans on putting $12,000 cash down on the car he decides to purchase, and will finance the balance. He will be putting a sum away at the beginning of each month to accumulate this amount in an account paying 12% that compounds monthly.
What payment will he have to make to reach his goal for his cash down payment?
Related Book For
Fundamentals Of Corporate Finance
ISBN: 9780135811603
5th Edition
Authors: Jonathan Berk, Peter DeMarzo, Jarrad Harford
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