Steven buys a motorcycle that regularly sells for 18,670 for the sale reduction of 11.25% off...
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Steven buys a motorcycle that regularly sells for 18,670 for the sale reduction of 11.25% off the regular price. To enhance the purchase he puts 1550 dollars down. The interest rate on the loan, being based on Steve's Credit Rating, is rather high at 14.25%. The duration of the loan is 50 months. After the down payment what is the monthly payments for this motorcycle loan (exclude dealer costs and applied state taxes)? a) What is the reduced sales price: b) What is the Principle for the loan: c) What are the Monthly payments: d) What is the Periodic Interest Rate: 3 PTS 3 PTS 3 PTS 3 pts Steven buys a motorcycle that regularly sells for 18,670 for the sale reduction of 11.25% off the regular price. To enhance the purchase he puts 1550 dollars down. The interest rate on the loan, being based on Steve's Credit Rating, is rather high at 14.25%. The duration of the loan is 50 months. After the down payment what is the monthly payments for this motorcycle loan (exclude dealer costs and applied state taxes)? a) What is the reduced sales price: b) What is the Principle for the loan: c) What are the Monthly payments: d) What is the Periodic Interest Rate: 3 PTS 3 PTS 3 PTS 3 pts
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Answer a To calculate the reduced sales price we need to subtract the discount percentage from t... View the full answer
Related Book For
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
Posted Date:
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