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Determine the lump sum payment

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Bob buys a car for $25,000 and makes a down payment of $4,000 and monthly payments of $400 thereafter at 4% c.m.. He misses the 10th, 11th and 12th payment. Determine the LUMP SUM payment required on the date of the 13th payment to bring the loan back up to date.

Reference no: EM132907074

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