Wade Ellis buys a new car for $16,759.78. He puts 10% down and obtains a simple interest amortized loan for the rest at 11 1 2% interest for four years. (Round your answers to the nearest cent.) (a) Find his monthly payment. $ (b) Find the total interest. $
Wade Ellis buys a new car for $16,759.78. He puts 10% down and obtains a simple interest amortized loan for the rest at 11 1 2% interest for four years. (Round your answers to the nearest cent.) (a) Find his monthly payment. $ (b) Find the total interest. $
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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Wade Ellis buys a new car for $16,759.78. He puts 10% down and obtains a simple interest amortized loan for the rest at
11
%
1 |
2 |
interest for four years. (Round your answers to the nearest cent.)
(a) Find his monthly payment.
$
(b) Find the total interest.
$
$
(b) Find the total interest.
$
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