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Suppose you are buying a car of $26000. The dealer offers that you pay a down payment of $4000 now. Then you will pay the balance with equal monthly payments for 42 months with 6% APR compounded monthly. Find: a)

Suppose you are buying a car of  $26000. The dealer offers that you pay a down payment of  $4000 now. Then you will pay the balance with equal monthly payments for 42 months with 6% APR compounded monthly. Find: 

a) How much is the effective annual interest?

b) How much is the monthly payments? 

c) How much is the total interest you will have to pay?

  • Expert Answer

a Effective annual interest 1 View the full answer


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Related Book For  answer-question
College Accounting

College Accounting

ISBN: 978-0538745192

20th Edition

Authors: Heintz and Parry

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Posted Date: November 05, 2022 07:44:53
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