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Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Question
An installment contract for the purchase of a car requires payments of
$217.43
at the end of
each
month
for
6
years. Interest is
6%
per annum compounded monthly.(a) What is the amount financed?
(b) How much is the interest cost?
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