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AfilCa [17]
2 years ago
13

Dave Krug finances a new automobile by paying $6,500 cash and agreeing to make 20 monthly payments of $580 each, the first payme

nt to be made one month after the purchase. The loan bears interest at an annual rate of 12%. What is the cost of the automobile? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round PVA factor to 4 decimal places.)
Business
1 answer:
Sonbull [250]2 years ago
5 0

Answer:

$16,966.68

Explanation:

the cost of the car = down payment + present value of the monthly installment payments

  • down payment = $6,500
  • PV of monthly installment payments = $580 x 18.046 (PV annuity factor, 1%, 20 periods) = $10,466.68

the cost of the car = $6,500 + $10,466.68 = $16,966.68

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