You purchase an RV by making a down payment of $10,500. The terms of your finance agreement have an annual interest rate of 2.56%, compounded monthly, and require you to make 36 monthly payments of $1,493.75 each. What is the cash price (in dollars) of your RV? (Round your answer to the nearest dollar.)

You purchase an RV by making a down payment of $10,500. The terms of your finance agreement have an annual interest rate of 2.56%, compounded monthly, and require you to make 36 monthly payments of $1,493.75 each. What is the cash price (in dollars) of your RV? (Round your answer to the nearest dollar.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 15P

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