Answered: A car was bought on an installment…

A car was bought on an installment basis with a monthly installment of 30,000 for 60 months. If the rate is 12% compounded annually, calculate the cash price of the car.

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 6FPE

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^{A car was bought on an installment basis with a monthly installment of 30,000 for 60 months. If the rate is 12% compounded annually, calculate the cash price of the car.}

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