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14 You are interested in buying a car at/$25,000. You plan to take a loan and pay it ou in 4 years. (a) If you expect to pay off the loan at $29000, what nominal annual interest rate, compounding monthly, will make this happen? (A) 2.29%/year (B) 3.72%/year (C) 4.15%/year (D) 4.83%/year

14 You are interested in buying a car at/$25,000. You plan to take a loan and pay it ou in 4 years. (a) If you expect to pay off the loan at $29000, what nominal annual interest rate, compounding monthly, will make this happen? (A) 2.29%/year (B) 3.72%/year (C) 4.15%/year (D) 4.83%/year

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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1 You are interested in buying a car at/$25,000. You plan to take a loan and pay it ou in 4 years. (a) If you expect to pay off the loan at $29000, what nominal annual interest rate, compounding monthly, will make this happen? (A) 2.29%/year (B) 3.72%/year (C) 4.15%/year (D) 4.83%/year
Transcribed Image Text:1 You are interested in buying a car at/$25,000. You plan to take a loan and pay it ou in 4 years. (a) If you expect to pay off the loan at $29000, what nominal annual interest rate, compounding monthly, will make this happen? (A) 2.29%/year (B) 3.72%/year (C) 4.15%/year (D) 4.83%/year
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