- You have accepted a loan in the amount of $15,000 for your new car. You have agreed to pay the loan back in four years. What is your monthly payment if you agree to pay an interest rate of 9% compounding monthly? Solve this problem for i = 6%, i = 7%, and i - 8%, each compounding monthly.

- You have accepted a loan in the amount of $15,000 for your new car. You have agreed to pay the loan back in four years. What is your monthly payment if you agree to pay an interest rate of 9% compounding monthly? Solve this problem for i = 6%, i = 7%, and i - 8%, each compounding monthly.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 31P

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Question

Solve Problem 20.11 using Excel.

- You have accepted a loan in the amount of
$15,000 for your new car. You have agreed
to pay the loan back in four years. What is
your monthly payment if you agree to pay an
interest rate of 9% compounding monthly?
Solve this problem for i = 6%, i = 7%, and
i - 8%, each compounding monthly.

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