Sven Lundgren buys a three-year-old Chevrolet from a car dealer for $18,300. He puts $200 down and finances the rest through the dealer at 12.5% add-on interest. If he agrees to make twenty-four monthly payments, find the size of each payment. (Round your answer to the nearest cent.)

Sven Lundgren buys a three-year-old Chevrolet from a car dealer for $18,300. He puts $200 down and finances the rest through the dealer at 12.5% add-on interest. If he agrees to make twenty-four monthly payments, find the size of each payment. (Round your answer to the nearest cent.)

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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