2. A service car whose cash price was ? 540,000 was bought with a down payment of ? 162,000 and monthly of ?10,874.29 for five years. What was the rate of interest compounded monthly?
2. A service car whose cash price was ? 540,000 was bought with a down payment of ? 162,000 and monthly of ?10,874.29 for five years. What was the rate of interest compounded monthly?
Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)
5th Edition
ISBN:9781305084766
Author:Saeed Moaveni
Publisher:Saeed Moaveni
Chapter20: Engineering Economics
Section: Chapter Questions
Problem 12P
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![2. A service car whose cash price was ?
540,000 was bought with a down payment
of ? 162,000 and monthly of ?10,874.29 for
five years. What was the rate of interest
compounded monthly?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F93b87367-81ca-46f2-8d8c-cc30137533c1%2Fbc0830bb-b647-4c43-94e8-9816a00a9d06%2Fx2hov48_processed.png&w=3840&q=75)
Transcribed Image Text:2. A service car whose cash price was ?
540,000 was bought with a down payment
of ? 162,000 and monthly of ?10,874.29 for
five years. What was the rate of interest
compounded monthly?
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