While buying a new car, Alexis made a down payment of $1,200 and agreed to make month - end payments of $280 for the next 4 years and 6 months. She was charged an interest rate of 4% compounded semi-annually for the entire term. a. What was the purchase price of the car? $0.00 Round to the nearest cent b. What was the total amount of interest paid over the term? $0.00 Round to the nearest cent
While buying a new car, Alexis made a down payment of $1,200 and agreed to make month - end payments of $280 for the next 4 years and 6 months. She was charged an interest rate of 4% compounded semi-annually for the entire term. a. What was the purchase price of the car? $0.00 Round to the nearest cent b. What was the total amount of interest paid over the term? $0.00 Round to the nearest cent
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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