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Calculate the payment for specific time

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Question: Use your financial calculator to compute the monthly payment and the total amount spent for a vehicle that costs $20,000 if you finance the entire purchase over 5 years at an annual interest rate of 6 percent. Also calculate the payment if you finance the car for only 4 years. Finally, calculate the payment for 3 years. What do you notice about the payment under the different time assumptions?

Reference no: EM131441920

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