Billy Senior purchased a car for $18,000 three years ago using a 4-year loan with an interest

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Billy Senior purchased a car for $18,000 three years ago using a 4-year loan with an interest rate of 7.2%. He had decided that he would sell the car now ONLY if he could get a price that would pay off the balance of her loan.

a) Calculate the present monthly payment on this car loan.

b) Determine the minimum price Billy Senior would need to receive for his car.

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Smith and Roberson Business Law

ISBN: 978-0538473637

15th Edition

Authors: Richard A. Mann, Barry S. Roberts

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Posted Date: May 04, 2023 03:20 AM

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Billy Senior purchased a car for $18,000 three years ago using a 4-year loan with an interest

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ANSWER a To calculate the present monthly payment on the car loan we need to use the formula for the ... View the full answer

Smith and Roberson Business Law

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