Lupé made a down payment of $7000 toward the purchase of a new car. To pay the balance of the purchase price, she has secured a loan from her bank at the rate of 9%/year compounded monthly. Under the terms of her finance agrnement she in required to make payments of $410/month for 24 montha, Wwhat in the cosh price of the car? (Round your answer to the nearest cent.)

Lupé made a down payment of $7000 toward the purchase of a new car. To pay the balance of the purchase price, she has secured a loan from her bank at the rate of 9%/year compounded monthly. Under the terms of her finance agrnement she in required to make payments of $410/month for 24 montha, Wwhat in the cosh price of the car? (Round your answer to the nearest cent.)

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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