Section 2: Financial Mathematics
a. If you borrow the money to pay for the car, what will your car payment be if you pay off the loan in 5 yearly payments and the loan has an interest rate of 10%? PMT = 10,000/(PVA.10,5) = 10,000/3.791 = 2637.83. b. Suppose your yearly payments are set at $2,500 per year. What interest rate is the bank charging you? PVA?,5 = 10,000/2500 = 4 ... ................
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