14. On January 1, 1997, your brother bought a used car for $8,200, and he agreed to make a down payment of $1,500 and repay the balance in 36 equal payments, with the first payment due February 1. The nominal interest rate is 13.8% per year compounded monthly. During the summer your brother made enough money so that he decided to repay the entire balance due on the car as of September 1. How much did he repay on September 1? (4.3)

14. On January 1, 1997, your brother bought a used car for $8,200, and he agreed to make a down payment of $1,500 and repay the balance in 36 equal payments, with the first payment due February 1. The nominal interest rate is 13.8% per year compounded monthly. During the summer your brother made enough money so that he decided to repay the entire balance due on the car as of September 1. How much did he repay on September 1? (4.3)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

14. On January 1, 1997, your brother bought a
used car for $8,200, and he agreed to make a
down payment of $1,500 and repay the balance
in 36 equal payments, with the first payment due
February 1. The nominal interest rate is 13.8% per
year compounded monthly. During the summer
your brother made enough money so that he
decided to repay the entire balance due on the
car as of September 1. How much did he repay
on September 1? (4.3)

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