A car financing firm offers the following scheme for an entry level Toyota Rush 2021 model: Selling Price P983,000 Down Payment Method 50% Payment Term 60 months Monthly Payment P13,057.52 What nominal rate is applied and what is the effective rate??? Include cashflow if possible
A car financing firm offers the following scheme for an entry level Toyota Rush 2021 model: Selling Price P983,000 Down Payment Method 50% Payment Term 60 months Monthly Payment P13,057.52 What nominal rate is applied and what is the effective rate??? Include cashflow if possible
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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A car financing firm offers the following scheme for an entry level Toyota Rush 2021 model:
- Selling Price P983,000
- Down Payment Method 50%
- Payment Term 60 months
- Monthly Payment P13,057.52
What nominal rate is applied and what is the effective rate???
Include cashflow if possible
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