Kristen purchased a car for $43,000; she paid $2150 as a down payment and financed the balance amount at 2.7% compounded monthly for 6 years. a) If Kristen pays an additional $50 per month, how many periods will it take to pay off the load?
Kristen purchased a car for $43,000; she paid $2150 as a down payment and financed the balance amount at 2.7% compounded monthly for 6 years. a) If Kristen pays an additional $50 per month, how many periods will it take to pay off the load?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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3. Kristen purchased a car for $43,000; she paid $2150 as a down payment and financed the balance amount at 2.7% compounded monthly for 6 years.
a) If Kristen pays an additional $50 per month, how many periods will it take to pay off the load?
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