You are an officer of a commercial bank and wish to sell a car loan that the
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You are an officer of a commercial bank and wish to sell a car loan that the bank owns as an asset to another bank. Using equation A5 in the Appendix to Chapter 4, compute the price you expect to receive for the loan if the annual interest rate is 6 percent, the car payment is $430 per month, and the loan term is five years.
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The present value of the payments can be found by using equation A5 in ...View the full answer
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Related Book For 
Money Banking and Financial Markets
ISBN: 978-0078021749
4th edition
Authors: Stephen Cecchetti, Kermit Schoenholtz
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