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3 years ago

14

Fritz benjamin buys a car costing $12300. He agrees to make payment at the end of each month period for 8 years. He pays 7.2% in

terest compounded monthly. what is the amount of each payment? find the total amount of interest fritz will pay?

1 answer:

loris [4]3 years ago

4 0

12300=X[((1-(1+(0.072/12)^(-12*8))/(0.072/12)]
Solve for x
X=168.92

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