Question

Kangaroo Autos is offering free credit on a new $12,400 car. You pay $700 down and then $390 a month for the next 30 months. If the rate is 0.75% a month, calculate the present value of the payments to Kangaroo Autos.

Step 1

**Calculation of Present Value of Payments:**

Step 2

**Excel Workings:**

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