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Free_Kalibri [48]
3 years ago
13

1. The car dealer is offering a promotion on a new that the buyer pays zero interest over 72 months. The monthly payment is $350

. The market interest rate for a 6-year car loan is 3.5%. What is the selling price of this car?
Business
1 answer:
inessss [21]3 years ago
8 0

Answer:

selling price of this car is $22700  

Explanation:

given data

zero interest = 72 months

monthly payment = $350

market interest rate = 3.5% per year = 0.2917 % per month

time = 6 year = 72 months

solution

we get here present value of annuity that is

present value  annuity  = ( 0.2917 % per month , 72 months )

present value  annuity  =  64.8568

so here selling price of car is

selling price = monthly payment ×  present value  annuity  ............1

selling price = $350 × 64.8568

selling price = $22700

so selling price of this car is $22700  

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