You want to buy a motorcycle for ​$10 comma 50010,500 plus freight of ​$195195 and other delivery charges of ​$225225. You have already saved 1515​% of the total purchase price​ (including all​ charges) towards a down payment. The bank is willing to finance the remaining balance at 9.169.16​% compounded quarterly. What is the size of your monthly payment if the loan is for 4.754.75 years.

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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You want to buy a motorcycle for

​$10 comma 50010,500

plus freight of

​$195195

and other delivery charges of

​$225225.

You have already saved

1515​%

of the total purchase price​ (including all​ charges) towards a down payment. The bank is willing to finance the remaining balance at

9.169.16​%

compounded quarterly. What is the size of your monthly payment if the loan is for

4.754.75

years.

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