A customer bought a used car for $24,650. The customer’s down payment was $6,000 and the repayment will be $414 per month, for 48 months. What are the following: (Show your calculations) a) Amount financed? b) Total installment price? c) Finance charge?
A customer bought a used car for $24,650. The customer’s down payment was $6,000 and the repayment will be $414 per month, for 48 months. What are the following: (Show your calculations) a) Amount financed? b) Total installment price? c) Finance charge?
Chapter16: Working Capital Policy And Short-term Financing
Section: Chapter Questions
Problem 14P
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A customer bought a used car for $24,650. The customer’s down payment was $6,000 and the repayment will be $414 per month, for 48 months. What are the following: (Show your calculations)
a) Amount financed?
b) Total installment price? c) Finance charge?
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