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An individual is considering the purchase of a used car. Total amount of the car is $10,400 and requires $2,400 as a down payment and the balance need to be paid in 60 equal monthly payments with an effective interest rate of 12% per year compounded monthly. The payments are due at the end of each month. Compute monthly payment

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91233266

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