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ena bought a car priced at $13,350 for 10% down and equal semi-annual yments for 5 years. If interest is 10% compounded monthly, what is the size e semi-annual payment? e size of the semi-annual payment is $ ound the final answer to the nearest cent as needed. Round all intermediate lues to six decimal places as needed.)

ena bought a car priced at $13,350 for 10% down and equal semi-annual yments for 5 years. If interest is 10% compounded monthly, what is the size e semi-annual payment? e size of the semi-annual payment is $ ound the final answer to the nearest cent as needed. Round all intermediate lues to six decimal places as needed.)

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
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 9FPE: Calculating and comparing add-on and simple interest loans. Eli Nelson is borrowing 10,000 for five...
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Elena bought a car priced at $13,350 for 10% down and equal semi-annual payments for 5 years. If interest is 10% compounded monthly, what is the size of the semi-annual payment? The size of the semi-annual payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Transcribed Image Text:Elena bought a car priced at $13,350 for 10% down and equal semi-annual payments for 5 years. If interest is 10% compounded monthly, what is the size of the semi-annual payment? The size of the semi-annual payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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