You are financing a car worth $27594.57 including tax. The interest rate is 5.19% compounded daily. Payments are monthly and made at the end of the month. You will own the car in 5 years. You have a down payment of $4551. Calculate the total amount paid for the car if purchased and financed with monthly payments for the length of your financing loan. (Purchase price = down payment + total of all payments made) Round your answer to two decimal places. Do not enter the dollar sign. Sample input: 24562.23

You are financing a car worth $27594.57 including tax. The interest rate is 5.19% compounded daily. Payments are monthly and made at the end of the month. You will own the car in 5 years. You have a down payment of $4551. Calculate the total amount paid for the car if purchased and financed with monthly payments for the length of your financing loan. (Purchase price = down payment + total of all payments made) Round your answer to two decimal places. Do not enter the dollar sign. Sample input: 24562.23

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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