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October 23, 2014

October 23, 2014

Posted by **Camille** on Saturday, March 9, 2013 at 5:25pm.

a) What is the cash price of the car?

b)How much, in total, will Jane spend on interest charges?

I can't seem to apply the loan payment formula ! Help please? Thanks

- Finance Math -
**Reiny**, Saturday, March 9, 2013 at 8:10pmn = 36

i = .058/12 = .0048333... ( store that in calculator's memory)

Present value of her loan

= 100( 1 - (1+.058/12)^-36)/(.058/12)

= $3296.91

plus her downpayment of $1500

would give a present value of $4796.91

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