s the price of a car that

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 19PROB
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Molly would like to buy a car and estimates she can
afford a payment of $460 on the Ist of every month. If
the rate of interest a dealer is offering is 4.5% per year
compounded weekly, what is the price of a car that
Molly should consider if she would like to make
payments for 72 months?
$36,373
$35,036
$29,082
$31,790
Transcribed Image Text:Molly would like to buy a car and estimates she can afford a payment of $460 on the Ist of every month. If the rate of interest a dealer is offering is 4.5% per year compounded weekly, what is the price of a car that Molly should consider if she would like to make payments for 72 months? $36,373 $35,036 $29,082 $31,790
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