are negotiating to buy a new car with a car salesman at a local dealer. You have negotiated the price to $38,000. You have $3,000 to put towards the down payment and plan to get a loan for the rest. If you can get an annual interest rate of 11 percent APR (with monthly compounding) over a 5-year period, what would be your monthly payment? Round it to two decimal place (cents), e.g

are negotiating to buy a new car with a car salesman at a local dealer. You have negotiated the price to $38,000. You have $3,000 to put towards the down payment and plan to get a loan for the rest. If you can get an annual interest rate of 11 percent APR (with monthly compounding) over a 5-year period, what would be your monthly payment? Round it to two decimal place (cents), e.g

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 15P

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