Dominique purchases a new car for 60,000. If she makes a down payment of X, she will
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Dominique purchases a new car for 60,000. If she makes a down payment of X, she will be faced with 48 level end of month payments with the nominal interest rate being 9.6% convertible monthly. If she makes no down payment, she will be faced with 48 level end of month payments with the nominal interest rate being 4.8% convertible monthly. For what values of X is making the down payment preferable for Dominique?
Related Book For
Personal Financial Planning
ISBN: 9781439044476
12th Edition
Authors: Lawrence J. Gitman, Michael D. Joehnk, Randy Billingsley
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