You want to buy a new car after your graduation. The price of the car is $20,000. The car dealer requires a 20% down payment; the remaining balance will be paid off over the next 72 months with an 8 percent annual interest rate on the unpaid balance. What is your monthly car payment?

You want to buy a new car after your graduation. The price of the car is $20,000. The car dealer requires a 20% down payment; the remaining balance will be paid off over the next 72 months with an 8 percent annual interest rate on the unpaid balance. What is your monthly car payment?

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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