Your current car has a trade-in value of 12600. a new car, Ask an Expert

Economics

Suppose that you currently own a 3 year old car and are considering the purchase of a new car that has a purchase price of $24,000. You can buy it now and pay it off over 4 years or you can save for 4 years and pay cash. Your current car has a trade-in value of $12,600. A new car can be financed at a nominal interest rate of 4% compounded monthly. How much will your monthly payments be?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9446194

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