ma Good-Student is an engineering student at AMU. She is need of a vehicle to commute to school. She is interested in a crossover vehicle that costs $22,000. The dealer will pro ear loan at 15% APR (nominal interest rate) which is compounded monthly. The dealer will provide $6000 for her trade in vehicle. Ima's month payment will be most nearly: O a. $612 Ob. $445 O c. $381
ma Good-Student is an engineering student at AMU. She is need of a vehicle to commute to school. She is interested in a crossover vehicle that costs $22,000. The dealer will pro ear loan at 15% APR (nominal interest rate) which is compounded monthly. The dealer will provide $6000 for her trade in vehicle. Ima's month payment will be most nearly: O a. $612 Ob. $445 O c. $381
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Compound interest is extra interest to the principal amount of a loan or deposit, or in simple words, interest on principal plus interest.
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