Justin P buys an Audi for $60,000 to be repaid in equal monthly payments over a 7 year period at 9% c.m. On the date of the 12th payment, he makes an additional payment of $20,000. Determine the amount of his final payment.

Justin P buys an Audi for $60,000 to be repaid in equal monthly payments over a 7 year period at 9% c.m. On the date of the 12th payment, he makes an additional payment of $20,000. Determine the amount of his final payment.

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

Section: Chapter Questions

Problem 1PS

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