1. Business
  2. Finance
  3. what is the total amount of money that someone would...

Question: what is the total amount of money that someone would...

Question details

Problem (15 points) What is the total amount of money that someone would pay if they #9 financed (ie, borrowed the money) a $30,000 car over 72 months? The nominal annual interest rate is 12% per year compounded monthly (i.e., monthly payments). You MUST use the and show your factor notation or you will not receive compounding tables credit. It may also help for you to draw a cash flow diagram

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution