What is the constant dollar value-value at time of financing

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You are purchasing an automobile priced at $29,000 by borrowing at 12% interest compounded monthly. The loan will be repaid in monthly installments for seven years. What is the constant dollar value (value at the time of financing) of the 36th payment of this loan, if the general inflation rate is 6% compounded monthly?

Reference no: EM13863448

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