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What is the equivalent cash price of the car

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Polly purchased a car. She paid ?150,000 as down payment, and ?5,500 payable at the beginning of each month for 48 months. Money is worth 12% compounded monthly.

Problem 1. What is the periodic rate?

Problem 2. How many payments must be made?

Problem 3. What is the equivalent cash price of the car?

Reference no: EM132722165

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