Would someone be able to solve this question using the engineering economics equations? Mr.John purchases a car
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Would someone be able to solve this question using the engineering economics equations? Mr.John purchases a car for 25,000 and finances his purchase by borrowing the money at 8% per year, compounded monthly. He pays off the loan with equal monthly payments for 5 years. What will the size of his monthly loan payment?
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Authors: Nagraj Balakrishnan, Barry Render, Ralph Stair, Charles Munson
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