You plan to fina
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:You plan to finance the purchase of a new car and are told your annual loan payment would be
$8,600 per year for 3 years including interest at a rate of six percent. What is the purchase price
of the car (i.e. how much money did you borrow)? Use time value of money factors with at least
four decimal places and then round your final answer to the nearest whole dollar.
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