7. Suppose you buy a new car for $22,000. You put down $1500 and take out a loan for the rest. You finance the loan for 5 years and make equal monthly payments. If the bank charges 7.9% apr compounded monthly, how much will your monthly payment be? When the five years is up and you own the car, how much have you actually paid for it?
7. Suppose you buy a new car for $22,000. You put down $1500 and take out a loan for the rest. You finance the loan for 5 years and make equal monthly payments. If the bank charges 7.9% apr compounded monthly, how much will your monthly payment be? When the five years is up and you own the car, how much have you actually paid for it?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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7. Suppose you buy a new car for $22,000. You put down $1500 and take out a loan for the rest. You
finance the loan for 5 years and make equal monthly payments. If the bank charges 7.9% apr
compounded monthly, how much will your monthly payment be? When the five years is up and you
own the car, how much have you actually paid for it?
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