Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Suppose you are planning to buy a car and just found one that is selling for $5,700. You have $1,000 you can put towards it, but will need to borrow the rest. Your bank is currently offering 4-year auto loans at a 4.5% annual rate. What would your monthly payment be if you decided to take out one of these loans and purchase the car? Round answer out to two decimal places.
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Transcribed Image Text:Suppose you are planning to buy a car and just found one that is selling for $5,700. You have $1,000 you can put towards it, but will need to borrow the rest. Your bank is currently offering 4-year auto loans at a 4.5% annual rate. What would your monthly payment be if you decided to take out one of these loans and purchase the car? Round answer out to two decimal places.
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