Friday, 13 February 2015

Sam Weber finances a new automobile by paying $6,700 cash and agreeing to make 40 monthly payments of $480 each, the first payment to be made one month after the purchase. The loan bears interest at an annual rate of 12%. What is the cost of the automobile?

Sam Weber finances a new automobile by paying $6,700 cash and agreeing to make 40 monthly payments of $480 each, the first payment to be made one month after the purchase. The loan bears interest at an annual rate of 12%. What is the cost of the automobile?
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