Down payment on automobile

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Reference no: EM132059430

1. You expect to need $20,000 as a down payment on an automobile in three years. How much do you need to invest today in an account paying 6.5 percent?

2. You are trying to buy the new iPhone X ($1,000) on a loan derive the required monthly payments (for both fixed payment plan and fixed principal) on a 24 month payment plan with 5% monthly interest.

Reference no: EM132059430

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