You are financing a new car with a three-year loan at 10.5%
annual nominal interest, compounded...
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You are financing a new car with a three-year loan at 10.5%annual nominal interest, compounded monthly. The price of the caris $14,500. Your down payment is $1,500. What are your monthlypayments at 10.5%? (Assume your payments start one month after thepurchase, or at the end of the first period.)
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