Suppose you are buying a car of $26000. The dealer offers that you pay a down payment
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Question:
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?
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