How much of a down payment would garot need to make

Reference no: EM132151397

Question: Garot Industries is a small company. Garot would like to buy a new forklift, but the company is trying to keep the monthly loan payment to $513. Garot would like to make payments for 4 years. The forklift costs $45809 and the bank is offering loans at a nominal annual interest rate of 6%, compounded monthly. How much of a down payment would Garot need to make to keep the monthly loan payments to $513?

Reference no: EM132151397

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