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How much would this lump sum payment be? Ordinary Annuities?

19 Feb

Marie Richard purchases a new sports car for $35,500. What is the monthly payment if Marie agrees to pay for the car in 48 months if the car dealer is offering an interest rate of 6.5% APR? Marie wishes to pay off the loan completely after one year of monthly payments. How much would this lump sum payment be?

 
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  1. Ryan Gos

    February 19, 2010 at 12:52 pm

    $43,750