A car lease of $12613 is to be repaid by making payments at the beginning of each month for 3 years. If interest is 3% compounded semi annually, how much is our monthly car payment ?

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter1: Functions
Section1.1: Functions Given By Formulas
Problem 2TU: What is your monthly payment if you borrow 5000 at a monthly rate of 0.61 and pay it off in 5 years?
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A car lease of $12613 is to be repaid by making payments at the beginning of each month for 3 years. If interest is 3% compounded semi-
annually, how much is our monthly car payment ?
Transcribed Image Text:A car lease of $12613 is to be repaid by making payments at the beginning of each month for 3 years. If interest is 3% compounded semi- annually, how much is our monthly car payment ?
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