A commercial bank will loan you $58,230 for 4 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 13.31 percent of the unpaid balance. What is the amount of the monthly payments? Round the answer to two decimal places.
A commercial bank will loan you $58,230 for 4 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 13.31 percent of the unpaid balance. What is the amount of the monthly payments? Round the answer to two decimal places.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Transcribed Image Text:A commercial bank will loan you $58,230 for 4 years to
buy a car. The loan must be repaid in equal monthly
payments at the end of the month. The annual interest
rate on the loan is 13.31 percent of the unpaid balance.
What is the amount of the monthly payments?
Round the answer to two decimal places.
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