EBK CFIN
6th Edition
ISBN: 9781337671743
Author: BESLEY
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Question
Val bought a car for $48,000, putting down $15,000 cash and financing the remainder. How much are his annual car payments if he financed the car for 5 years and paid an annual interest rate of 6 percent?
answer is 7,834.08
How much would be his annual payments if he made payments at the beginning of each year?
answer is 7,390.64
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