Dave Krug finances a new automobile by paying $5, 700 cash and agreeing to make 20 monthly payments of $430 each, the first payment to be made one month after the purchase The loan bears interest at an annual rate of 12%. What is the cost of the automobile? (Round "Table Factor" to 4 decimal places.)

Dave Krug finances a new automobile by paying $5, 700 cash and agreeing to make 20 monthly payments of $430 each, the first payment to be made one month after the purchase The loan bears interest at an annual rate of 12%. What is the cost of the automobile? (Round "Table Factor" to 4 decimal places.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 19P

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