Nur's father bought a car for RM104,000. He paid an advance of RM24,000 and the balance will be paid in annual installments for 7 years. What is the amount to be paid at the end of each year by Nur's father if the party the finance company in question charges an interest rate of 4% per annum?

Nur's father bought a car for RM104,000. He paid an advance of RM24,000 and the balance will be paid in annual installments for 7 years. What is the amount to be paid at the end of each year by Nur's father if the party the finance company in question charges an interest rate of 4% per annum?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 19P

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