Suppose that you borrow $17,000 for fourfour years at 6% toward the purchase of a car. Use
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Question:
Suppose that you borrow $17,000 for fourfour years at
6%
toward the purchase of a car. Use
PMT equals StartStartFraction Upper P left parenthesis StartFraction r Over n EndFraction right parenthesis OverOver left bracket 1 minus left parenthesis 1 plus StartFraction r Over n EndFraction right parenthesis Superscript negative nt right bracket EndEndFractionPMT=Prn1−1+rn−nt
to find the monthly payments and the total interest for the loan.
Question content area bottom
Part 1
The monthly payment is
$enter your response here.
(Do not round until the final answer. Then round to the nearest cent as needed.)
Related Book For
Microeconomics An Intuitive Approach with Calculus
ISBN: 978-0538453257
1st edition
Authors: Thomas Nechyba
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