$62,234. How much will your payment be, per month, if the dealer gives you a 3.1% nominal interest rate for 61 months.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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You win a cash prize worth $29,066 that
you want to use to buy a new car, worth
$62,234. How much will your payment be,
per month, if the dealer gives you a 3.1%
nominal interest rate for 61 months.
Transcribed Image Text:You win a cash prize worth $29,066 that you want to use to buy a new car, worth $62,234. How much will your payment be, per month, if the dealer gives you a 3.1% nominal interest rate for 61 months.
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