The owner of a construction company purchased a cement mixer truck for $180,000 and made a down payment of $45,000. The remaining balance was financed for 10 years at an annual interest rate of 7.25% compounded monthly. Find the monthly payment (in dollars). (Round your answer to the nearest cent.)
The owner of a construction company purchased a cement mixer truck for $180,000 and made a down payment of $45,000. The remaining balance was financed for 10 years at an annual interest rate of 7.25% compounded monthly. Find the monthly payment (in dollars). (Round your answer 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
Section: Chapter Questions
Problem 1PS
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The owner of a construction company purchased a cement mixer truck for $180,000 and made a down payment of $45,000. The remaining balance was financed for 10 years at an annual interest rate of 7.25% compounded monthly. Find the monthly payment (in dollars). (Round your answer to the nearest cent.)
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