South bay catering purchases three new vans at a total cost, Ask an Expert

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South bay catering purchases three new vans, at a total cost of $57000. The company pays $23000 up front and agrees to amortize the remaining 6 years, making regular monthly payments at an annual interest rate of 6.6%. (The first payment will be one month after the purchase.) To the nearest cent, what should be paid each month?

What is the total amount of interest paid by the company?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91825587

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