Alex wants to purchase a used car for OR 20,000.00. She could pay OR 5000.00 at purchase and wishes to pay the balance in 5 yearly equal installments at a 12% interest. How much would Alex’s yearly installments payment be?

Alex wants to purchase a used car for OR 20,000.00. She could pay OR 5000.00 at purchase and wishes to pay the balance in 5 yearly equal installments at a 12% interest. How much would Alex’s yearly installments payment be?

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 14E

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