You decide to buy a car for $15,000.00 and decide to make payments of $1,100 each month. If the loan is 3% compounded monthly, how many full months of payments will it take to pay off the $15,000.00? What is the amount of the smaller concluding payment one month later? It will take months of full payments. The smaller concluding payment is $ . (Round to 2 decimal places.) Submit QuestionQuestion 7
You decide to buy a car for $15,000.00 and decide to make payments of $1,100 each month. If the loan is 3% compounded monthly, how many full months of payments will it take to pay off the $15,000.00? What is the amount of the smaller concluding payment one month later? It will take months of full payments. The smaller concluding payment is $ . (Round to 2 decimal places.) Submit QuestionQuestion 7
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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You decide to buy a car for $15,000.00 and decide to make payments of $1,100 each month. If the loan is 3% compounded monthly, how many full months of payments will it take to pay off the $15,000.00? What is the amount of the smaller concluding payment one month later?
It will take months of full payments.
The smaller concluding payment is $ .
(Round to 2 decimal places.)
It will take months of full payments.
The smaller concluding payment is $ .
(Round to 2 decimal places.)
Submit QuestionQuestion 7
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