INTERMEDIATE FINANCIAL MGMT.-W/MINDTAP
14th Edition
ISBN: 9780357533598
Author: Brigham
Publisher: CENGAGE L
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You just bought a new car for $X. To pay for it, you took out a loan that requires regular monthly payments of $1,640 for 27 months and
a special payment of $25,200 in 6 months. The interest rate on the loan is 1.27 percent per month and the first regular payment will be
made in 1 month. What is X?
Input instructions: Round your answer to the nearest dollar.
59
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How much do you need in your account today if you expect to make quarterly withdrawals of $8,900 for 7 years and also make a
special withdrawal of $34,500 in 7 years. The expected return for the account is 3.28 percent per quarter and the first regular
withdrawal will be made in 3 months.
Input instructions: Round your answer to the nearest dollar.
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