MBF3C - Algonquin Achievement Centre
Pamela wants to buy a car for $35 000. She can finance the car through the dealership at 8.7% compounded monthly for 48 months. She does not have a down payment so she plans to borrow all $35 000. Calculate the regular monthly payment. What is the total amount repaid for the loan? How much interest is paid? Solution PV = $35 000. i = n = 48 a. ................
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