Kevin secured a 6-year car loan at 5.60% compounded annually that required him to make payments of $883.66 at the beginning of each month. Calculate the cost of the car if he made a downpayment of $1,750. Round to the nearest cent

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
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Kevin secured a 6-year car loan at 5.60% compounded annually that required him to
make payments of $883.66 at the beginning of each month. Calculate the cost of the
car if he made a downpayment of $1,750.
Round to the nearest cent
Transcribed Image Text:Kevin secured a 6-year car loan at 5.60% compounded annually that required him to make payments of $883.66 at the beginning of each month. Calculate the cost of the car if he made a downpayment of $1,750. Round to the nearest cent
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