What will the yearly payment be

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Reference no: EM132196734

Question: Go to the St. Louis Federal Reserve FRED database, and find data on the interest rate on a four-year auto loan (TERMCBAUTO48NS). Assume that you borrow $20,000 to purchase a new automobile and that you finance it with a four-year loan at the most recent interest rate (i.e., May 2018) given in the database. If you make one payment per year for four years, what will the yearly payment be?

Reference no: EM132196734

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