7. You agreed with a seller to pay Opel car of $32,000, as follows: you paid $20,000 as an initial payment. The plan is to pay the price of the car plus the interest amount by the end of the 10th year. At the end of the third year, you managed to pay $2,000. Find the amount of money that the seller will receive after 10 years. The interest rate is (use the last two digits of your student ID) per year. Tip: use tables and draw cash flow.
7. You agreed with a seller to pay Opel car of $32,000, as follows: you paid $20,000 as an initial payment. The plan is to pay the price of the car plus the interest amount by the end of the 10th year. At the end of the third year, you managed to pay $2,000. Find the amount of money that the seller will receive after 10 years. The interest rate is (use the last two digits of your student ID) per year. Tip: use tables and draw cash flow.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer must be in table format or i will give down vote
Transcribed Image Text:7. You agreed with a seller to pay Opel car of $32,000, as follows: you paid $20,000 as an
initial payment. The plan is to pay the price of the car plus the interest amount by the end
of the 10th year. At the end of the third year, you managed to pay $2,000. Find the
amount of money that the seller will receive after 10 years. The interest rate is (use the
last two digits of your student ID) per year. Tip: use tables and draw cash flow.
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