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Suppose you are selling your car, your asking price is $12,000. One of your friends is looking to buy a car, but his bank approved him only for a $9,000 loan. He really likes your car and offered you 2 payment options: (1) $9,000 cash today, or (2) $1,000 at the end of each month for the next 12 months. What is the present value of option 2, if a similar ordinary annuity currently pays 6% APR with interest accrued monthly?

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Financial Management, Finance

Category:- Financial Management
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