Thomas just bought a new Ford F-150 for his business. The price of the vehicle was $35035. Thomas made a $4682 down payment and took out an amortized loan for the rest. The car dealership made the loan at 0.089 interest APR compounded monthly for five years. He is to pay back the principal and interest in equal monthly installments beginning one month from now. Determine the amount of the monthly payment.

Thomas just bought a new Ford F-150 for his business. The price of the vehicle was $35035. Thomas made a $4682 down payment and took out an amortized loan for the rest. The car dealership made the loan at 0.089 interest APR compounded monthly for five years. He is to pay back the principal and interest in equal monthly installments beginning one month from now. Determine the amount of the monthly 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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