Mr Brown wants to buy a new car that costs 31200. He pays immediately 5000, followed by 10 payments: 2400 at the end of each of the first 6 years, 4100 at the end of each of the next 3 years, and R> 0 at the end of the last year. Compute R assuming that interest is compounded at the annual rate of interest of 8.18%. O a. 17 439.94 Ob. 8594.53 Oc. 3915.19 Od. 18 866.53
Mr Brown wants to buy a new car that costs 31200. He pays immediately 5000, followed by 10 payments: 2400 at the end of each of the first 6 years, 4100 at the end of each of the next 3 years, and R> 0 at the end of the last year. Compute R assuming that interest is compounded at the annual rate of interest of 8.18%. O a. 17 439.94 Ob. 8594.53 Oc. 3915.19 Od. 18 866.53
PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN:9781337117005
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 4FPE
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