Description of this paper

on January 1,1997 your brother bought a used car f...

Description

Solution


Question

on January 1,1997 your brother bought a used car for $8200, and he agreed to make a down payment of $1500 and repay the balance in 36 equal payments, with the first payment due February 1. The nominal annual intrest rate is 18% compounded monthly. During the Summer your brother made enough money so that he decides to repay the entire balance due on the car as of September 1. How much did he repay on Sept 1, 1997 ? please draw cash flow and solve

 

Paper#7109 | Written in 18-Jul-2015

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