Lush Gardens Co. bought a new truck for $52,000. It paid $4,160 of this amount as adown payment and financed the balance at 4.43% compounded semi-annually. If thecompany makes payments of $1,600 at the end of every month, how long will it take tosettle the loan?o yearso monthsExpress the answer in years and months, rounded to the next payment period

The amount of loan will be the remaining amount after deducting down payment from the price of the…

Answered: Lush Gardens Co. bought a new truck for…

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

Problem 1PS

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Lush Gardens Co. bought a new truck for $52,000. It paid $4,680 of this amount as a down payment and financed the balance at 3.98% compounded semi-annually. If the company makes payments of $2,000 at the end of every month, how long will it take to settle the loan? years months Express the answer in years and months, rounded to the next payment period
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Lush Gardens Co. bought a new truck for $60,000 of this amount 6,000 was paid as a down payment and the balance financed at 5.75% compounded semi annually. If the company makes payments of 1,700 at the end of every month, how long will it take to settle the loan?

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