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What is the amount of the monthly payments

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Reference no: EM133120578

A commercial bank will loan you $10,500 for three years to buy a car.

The loan must be repaid in equal monthly payments. The annual interest rate on the loan is 9% of the unpaid balance. What is the amount of the monthly payments?

After the 24th payment, what will the balance be?

Subject: Time Value of Money

Please don't do this by hand.

Answer in Excel using formulas e.g. PV=XXX, FV=XXX, N(NPER)=XXX, I(Rate)=XXX, PMT=$$.

i.e. =fv(rate, nper, pmt, [pv], [type]

Reference no: EM133120578

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