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Q: financial accounting ( Answered 4 out of 5 stars,   0 Comments )
Subject: financial accounting
Category: Business and Money
Asked by: k9queen-ga
List Price: $2.00
Posted: 22 Jan 2003 11:30 PST
Expires: 21 Feb 2003 11:30 PST
Question ID: 147068
a commercial bank will lend you 7,500.00 for 2 years to buy a car. 
the loan must be repaid in 24 equal payments.  The annual interest
rate on the loan is 12% of the unpaid balance.  How large are the
monthly paymants?
Subject: Re: financial accounting
Answered By: legolas-ga on 22 Jan 2003 11:43 PST
Rated:4 out of 5 stars
Hi k9queen-ga,

The monthly payments, assuming monthly compounding, is $353.05


k9queen-ga rated this answer:4 out of 5 stars
Thanks! Again Very fast response time.

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