Question: Chapter 03, Problem 010 (Video Solution) In order to buy a car, you borrow $32,500 from a friend at 14%/year compounded monthly for 4 years.

Chapter 03, Problem 010 (Video Solution) In order to buy a

Chapter 03, Problem 010 (Video Solution) In order to buy a car, you borrow $32,500 from a friend at 14%/year compounded monthly for 4 years. You plan to repay the loan with 48 equal monthly payments Part a Your answer is correct. 888.23per month How much are the monthly payments? Round entry to two decimal places. The tolerance is 1. Click here to access the TVM Factor Table Calculator. LINK TO TEXT LINK TO VIDEO Attempts: 1 of 2 used Part b How much interest is in the 23rd payment? $ Round entry to two decimal places. The tolerance is 10. Click here to access the TVM Factor Table Calculator LINK TO TEXT LINK TO VIDEO

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