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After making a down payment of $6000 for an automobile, Molly paid $600 per month for 36 months with interest charged at 6% per year compounded monthly on the unpaid balance. 1. How much did Molly pay towards the principal of the loan on the car? (1. Write the formula, fill in the formula, do not solve. 2. Use TVM solver to solve)

After making a down payment of $6000 for an automobile, Molly paid $600 per month for 36 months with interest charged at 6% per year compounded monthly on the unpaid balance. 1. How much did Molly pay towards the principal of the loan on the car? (1. Write the formula, fill in the formula, do not solve. 2. Use TVM solver to solve)

Essentials Of Investments
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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After making a down payment of $6000 for an automobile, Molly paid $600 per month for 36 months with interest charged at 6% per year compounded monthly on the unpaid balance. 1. How much did Molly pay towards the principal of the loan on the car? (1. Write the formula, fill in the formula, do not solve. 2. Use TVM solver to solve) Work Here: 1. The formula if you had to use it: 2. TVM: N= FV= 1%= P/Y=C/Y= PV= end PMT= Answer Here:
Transcribed Image Text:After making a down payment of $6000 for an automobile, Molly paid $600 per month for 36 months with interest charged at 6% per year compounded monthly on the unpaid balance. 1. How much did Molly pay towards the principal of the loan on the car? (1. Write the formula, fill in the formula, do not solve. 2. Use TVM solver to solve) Work Here: 1. The formula if you had to use it: 2. TVM: N= FV= 1%= P/Y=C/Y= PV= end PMT= Answer Here:
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